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Dodd-Frank empowered the SEC to pay out major cash to whistleblowers whose tips lead to $1 million enforcement orders.Today, the SEC announced its first award.
An anonymous tipster was awarded $50,000 for providing info that allowed an unspecified SEC investigation to “move at an accelerated pace and prevent the fraud from ensnaring additional victims,” the agency said in a release.
“The whistleblower’s assistance led to a court ordering more than $1 million in sanctions, of which approximately $150,000 has been collected thus far,” the agency said in its release.
The agency added:
“Sean McKessy, Chief of the SEC’s Whistleblower Office, said that since the program was established in August 2011, about eight tips a day are flowing into the SEC. “The fact that we made the first payment after just one year of operation shows that we are open for business and ready to pay people who bring us good, timely information.”
So, are you motivated now?