The Securities and Exchange Commission (SEC) announced Aug. 21 that it made its first payout to a whistleblower under a program authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act. In a press release, Sean McKessy, chief of the SEC’s Office of the Whistleblower, declared the commission “open for business.”
The SEC says the whistleblower received around $50,000 for providing documents and other “significant information” that led to an accelerated investigation and enforcement action into a multimillion-dollar securities fraud—just the kind of information and cooperation the SEC had hoped the program would yield.
