SEC's 2nd Whistleblower Award Goes To $1.7M Fraud Tipsters

Law360, New York (June 14, 2013, 1:25 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday announced its second-ever whistleblower award, vowing to give three anonymous claimants a cut of sanctions in a $1.7 million case against a sham investment fund whose CEO was jailed for fraud.

The SEC said the three whistleblowers would each receive 5 percent of any sanctions collected in a Massachusetts federal court case against Locust Offshore Management LLC, a fictitious fund that bilked at least 10 investors, and its CEO Andrey C. Hicks, who was criminally charged over the...
To view the full article, register now.