A recent $22.4 million whistleblower award was granted to former Monsanto Company financial executive from the U.S. Securities and Exchange Commission (SEC).

The whistleblower report consisted of accounting fraud surrounding the company’s Roundup weed killer.

The exact whistleblower award of $22,437,800 payout is one of the largest payouts ordered by the SEC.

According to the qui tam lawyers involved, the whistleblower award is 28 percent of the total $80 million settlement formed to resolve outstanding claims against Monsanto.

These claims regarded millions of Roundup weedkiller discounts, which were allegedly omitted from the company’s financial statements.

The SEC applauded the whistleblower’s actions, stating the “detailed tip and extensive assistance” had helped expose a “well-hidden fraud.”

Overview of Whistleblower Award Program

Monsanto agreed to pay the $80 million settlement in February 2016 without admitting or denying any of the SEC’s allegations. The SEC alleged the company had stalled in recording millions in dollars in rebates to Roundup retailers between 2009 and 2011.

Monsanto accounting executives Sara M. Brunnquell and Anthony P. Hartke, along with former sales executive Jonathan W. Nienas also agreed to pay SEC civil penalties.

The qui tam representative stated that his client had initially raised concerns in the company, but reported it to the SEC after he received no response.

The whistleblower remains anonymous, and has stated through his lawyer that he hopes this case “will raise awareness of the gaps that still exist today with respect to auditor independence and result in regulators looking closer at this issue and ultimately bring new rules forward to mitigate the impact this has on investors.”

He also called the whistleblower award program a valuable public service, which helped him and others report fraud.

Under the SECs whistleblower award program, significant amounts have already been paid out in 2016 alone.

SEC Chair Mary Jo Whitedescribed the program as a “game changer”, and that there have been 33 tipsters who have participated in the program in 2016 alone.

These tips have allowed the SEC to collected $504 million in sanctions, with $346 million getting repaid to investors.

Previously in 2015, the agency received over 3,923 tips, which is the highest number recorded since the program began.

While the SEC is quite happy about the large whistleblower award, the public does not normally learn of how whistleblower awards connect with federal enforcement.

The SEC is hopeful that this case will encourage other tipsters who have witnessed some form of fraud to come forward, and that their whistle award program will be sufficient incentive.

If you have knowledge of fraud committed against the government, such as loan fraud or healthcare fraud, consulting an experienced whistleblower attorney or an attorney who specializes in the False Claims Act can help evaluate and guide your potential whistleblower claim.