SEC Awards $2.2M To Whistleblower Under 'Safe Harbor' Rule

Law360 (April 5, 2018, 9:05 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday said it has awarded $2.2 million to a whistleblower whose initial tip to another federal agency led to an SEC enforcement action, the first such award under a so-called safe harbor rule that allows awards for tips not taken first to the SEC.

In most cases, whistleblowers are only eligible for awards from the SEC if they first report their securities-related complaints to the SEC. But the safe harbor portion of the 2010 Dodd-Frank Act states that whistleblowers who first report a complaint to another federal agency can still be eligible for an...

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