SEC's 2nd Whistleblower Award Is Tip Of The Iceberg

Law360, New York (June 14, 2013, 7:29 PM EDT) -- The U.S. Securities and Exchange Commission doled out just its second whistleblower award Wednesday, but attorneys say an influx of bounties is likely to arrive soon as the agency looks to prove cynics of the program wrong.

The SEC said three unnamed whistleblowers would each receive 5 percent of any sanctions collected in a Massachusetts federal court case against Locust Offshore Management LLC, a fictitious investment fund that bilked investors of $1.7 million, and its CEO Andrey C. Hicks, who was criminally charged over the scheme...
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