SEC Gives 2nd Whistleblower Award For $1.7M Fraud Tip-Off

Law360, New York (August 30, 2013, 3:25 PM EDT) -- The U.S. Securities Exchange Commission announced Friday that its second-ever whistleblower award will amount to about $125,000 to be split among three anonymous claimants in a $1.7 million case against a sham investment fund whose CEO was jailed for fraud.

The SEC said that 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...
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