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SEC awards first whistleblower under new fraud-busting law

The Securities and Exchange Commission (SEC) awarded its first payout under a new whistleblower program to an individual who provided the regulatory agency with information that helped expose an active Ponzi scheme. The whistleblower received $50,000 for handing over documents that provided specific, credible, and timely information to the SEC, which prompted the agency to take enforcement action against the offending company. In awarding the informant, the SEC chose to pay the maximum percentage allowable under the law – 30 percent of $150,000 it has so far recovered in the case. Additional court-ordered sanctions against the company amount to more ... Read More