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SEC set to hand out up to $452M to whistleblowers

On Behalf of | Jul 9, 2012 | Firm News

Talk about a federal stimulus plan.

The Securities and Exchange Commission has amassed a $452 million pot of cash to be paid out to fraud busters across the country, according to a recent report.

The cash is part of the regulator’s whistleblower program, which marked its first anniversary this week.

The pot of gold represents the whistleblowers’ share — which can range from 10 percent to 30 percent of what the government recovers because of a tip.

The tips range from insider trading and rigged bonds deals to cover-ups of cooked books and bribes.

SEC officials would not say when the first awards under the program would be made — but securities lawyers said the cash payout would certainly lead to even more tips.

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