SEC Announces Additional $150,000 Payment To Recipient Of First Whistleblower Award

April 10th, 2014 by Qui Tam

The Securities and Exchange Commission today announced that the whistleblower who received the first award under the agency’s new whistleblower program will receive an additional $150,000 payout after the SEC collected additional funds in the case. The whistleblower…has now been awarded a total of nearly $200,000 since the award was announced on Aug. 21, 2012.

The award recipient helped the SEC stop a multi-million dollar fraud by providing documents and other significant information that allowed its investigation to move at an accelerated pace and prevent the fraud from ensnaring additional victims. The additional payout comes after the SEC collected an additional $500,000 from one of the defendants in the case. The SEC expects to collect additional money from defendants in this case as some are making payments under a periodic payment schedule ordered by the court.

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