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A trio of unidentified whistle-blowers were awarded $7 million Jan. 23 for helping the Securities and Exchange Commission take down an investment scheme.
One whistle-blower, who will receive a $4 million award, gave information that prompted the agency to launch the initial investigation. Two others, who will jointly receive the remaining $3 million, provided new and significant information during the course of the investigation, the SEC said in a release.
To date, the agency’s bounty program has awarded approximately $149 million to 41 whistle-blowers, the SEC said. Enforcement actions from whistle-blower tips have resulted in more than $935 million in financial remedies.
Created by the Dodd-Frank Act, the program grants cash awards of between 10 percent and 30 percent to qualified individuals whose tips result in sanctions totaling at least $1 million.
By law, the SEC must protect the confidentiality of whistle-blowers. All awards are paid from an investor protection fund established by Congress.
To contact the reporter on this story: Antoinette Gartrell in Washington at firstname.lastname@example.org
The SEC's order is available at https://www.sec.gov/rules/other/2017/34-79853.pdf.
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
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