SEC Pays First Whistleblower Award

Law360, New York (August 21, 2012, 1:01 PM EDT) -- The U.S. Securities and Exchange Commission handed out its first award under its year-old whistleblower program Tuesday, giving $50,000 to an anonymous tipster who helped the agency uncover and stop a multimillion-dollar fraud.

In an anxiously awaited announcement, the SEC said the award equals 30 percent of the amount the agency collected in an enforcement action against the perpetrators of the scheme. Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC's whistleblower program allows informants to receive between 10 and 30 percent...
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