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Oct 22

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First payout of SEC whistleblower program also provides volume of complaints received

The SEC announced its first payout from its new whistleblower program under the Dodd-Frank Act to an unidentified person who helped stop a multi-million dollar financial fraud. The reward was $50,000, representing 30% of the amount collected in the SEC enforcement action. 30% is the maximum percentage payout allowed by the 2010 Dodd-Frank Act that authorized the whistleblower program.

In a prepared statement, the SEC said “since the program was established in August 2011, about eight tips a day are flowing into the SEC.”

This article describes the SEC’s whistleblower program.

 

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