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...
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Case Information

Case Title

Securities and Exchange Commission v. Hicks et al


Case Number

1:11-cv-11888

Court

Massachusetts

Nature of Suit

Securities/Commodities

Judge

Richard G. Stearns

Date Filed

October 26, 2011

Government Agencies

UK Financial Services

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