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SEC Pays First Whistleblower Reward

Agency awards $50,000 to individual who helped on an enforcement action involving more than $1 mln in sanctions.

By Joshua Gallu, Bloomberg | Updated on August 21, 2012

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.

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