Ericsson Tipster Wins SEC's $279M Whistleblower Award

Ericsson Tipster Wins SEC's $279M Whistleblower Award

The Wall Street Journal said that the SEC gave out a big whistleblower award of US$279 million, the largest ever, because Ericsson, a company from Sweden, was caught bribing people.

The company received a cash award from the regulator's program. It was related to their settlement in 2019. The settlement was for US$1.1 billion. The company was accused of making illegal payments to win business in five countries. This information was reported by people who know about the matter.

Neither the SEC nor Ericsson responded right away when Reuters asked for comment.

The regulator gave an award but didn't say which case it was for. They also didn't tell us who gave them the tip. This is because they have to protect the whistleblower.

Ericsson has agreed to pay over $1 billion to settle corruption probes. The company bribed officials in China, Vietnam, and Djibouti. This happened in 2019.

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