July 09, 2012 | Posted By: Hoyer Law Group, PLLC
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.