SEC awards $875,000 to whistleblower in financial fraud case


 The Securities and Exchange Commission today announced a whistleblower award of more than $875,000 to be split evenly between two individuals who provided tips and assistance to help the agency bring an enforcement action.

 

The SEC’s whistleblower program authorized by the Dodd-Frank Act rewards high-quality, original information that results in an SEC enforcement action with sanctions exceeding $1 million.  Whistleblower awards can range from 10 percent to 30 percent of the money collected in a case.

 

By law, the SEC must protect the confidentiality of whistleblowers and cannot disclose any information that might directly or indirectly reveal a whistleblower’s identity.

 

Jeffrey Newman represents whistleblowers

 

A total of eight whistleblowers have been awarded through the SEC’s whistleblower program since it began in late 2011.  For more information about the whistleblower program and how to report a tip, visitwww.sec.gov/whistleblower.