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SEC Pays Out $150,000 to Reward Another Whistleblower

Joe Mont | October 30, 2013

It may not be the big money of a $14 million dollar award doled out earlier this month, but the Securities and Exchange Commission has rewarded yet another whistleblower under a bounty program established by the Dodd-Frank Act.This time, the take was $150,000 for tips that helped stop a scheme that was defrauding investors.

The recipient, whose identity was not released, provided “significant information that allowed the SEC to quickly open an investigation and obtain emergency relief before additional investors were harmed,” a statement says. The award amount represents 30 percent of the money collected by the SEC in the successful enforcement action, the maximum permitted under the law. By law, the SEC must protect the confidentiality of whistleblowers and cannot disclose any information that might directly or indirectly reveal an identity.

This is the sixth bounty to be awarded through the SEC's whistleblower program since it began two years ago. The largest award thus far is the $14 million distributed earlier this month..