SEC Makes First Whistle Blower Payment
After just one year of operation, the SEC made the first payment under its Whistleblower Program. The program was established in August 2011 as part of the 2010 Dodd-Frank Act. The whistleblower will receive nearly $50,000, representing 30% of the amount collected in an SEC enforcement action against the perpetrators of a securities fraud scheme. The whistleblower’s assistance resulted in a court ordering more than $1 million dollars in sanctions. Robert Khucami, Director of the SEC’s Division of Enforcement, praised the whistleblower for providing “the exact kind of information and cooperation” that the SEC hoped the Whistleblower Program would attract.
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