The U.S. Securities and Exchange Commission awarded $50,000 to a whistleblower in its first payout from a program launched last year to reward people who provide regulators with evidence of securities fraud.
The whistleblower helped the SEC bring an enforcement action that resulted in more than $1 million in sanctions, the agency said today in a statement. The award represents 30 percent — the maximum allowed under the Dodd-Frank Act — of the approximately $150,000 collected so far.
The agency set up a whistleblower program in August 2011 to reward individuals who provide evidence of securities law violations which results in sanctions of more than $1 million. The program was authorized in the 2010 financial-regulation overhaul, which said awards could range from 10 percent to 30 percent of the money collected.
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