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SEC fund for whistleblowers totals over $450 million

By Phillips & Cohen LLP

The Securities and Exchange Commission has established a fund of over $450 million to pay whistleblowers whose information leads to the successful penalization or conviction of companies or individuals found guilty of securities fraud.

The fund has been established in accordance with the Dodd-Frank financial overhaul bill enacted in July, which will also establish a new whistleblower office at the SEC.

The fund is required to have a minimum of $300 million; a recent report from the SEC indicates that $451.9 million has been put in the fund.

Full post as published by False Claims Act - Qui Tam on November 09, 2010 (boomark / email).