Stay current on changes and developments in corporate law with a wide variety of resources and tools.
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 email@example.com
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.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)