New York (CNN Business) — The US Securities and Exchange Commission has paid out its largest-ever whistleblower award — nearly $50 million.
The whistleblower tipped off the agency to a currency manipulation scheme at a massive bank, resulting in a “successful enforcement action,” the SEC said Thursday.
The Wall Street Journal, which conducted an investigation about the scheme, reported the whistleblower is a trader from Bank of New York Mellon ( ) who alerted the SEC about the bank’s reported pattern of “overcharging big clients on currency trades.”
The trader assisted with the SEC’s investigation for more than a decade. The bank was accused of giving pension funds less-than-desirable exchange rates, helping the bank make massive profits from the difference, the newspaper reported.
A source told the Journal the whistleblower’s name is Grant Wilson. The SEC noted in its release that confidentiality agreements restrict it from naming whistleblower’s name or identity.
“This matter was resolved more than five years ago and we are pleased it is behind us,” a BNY Mellon spokesperson told CNN Business.