Despite receiving more than 6,000 tips and shelling out eight awards since 2011 under the Dodd-Frank Act’s whistleblower program, the Securities and Exchange Commission has managed to keep the identities of its informers tightly under wraps. But a leak was inevitable, and now we’ve got one, courtesy of a fight over—what else—money.
Fortune on Wednesday revealed the identity of the biggest Dodd-Frank whistleblower awardee so far. The magazine reported that Michael Sears of Alexandria, Va., was the recipient of a previously publicized $14.7 million bounty for blowing the whistle on Anshoo Sethi, a Chicago businessman whom the SEC accused of swindling Chinese investors out of $155 million. Sears’ award represents 10 percent of the $147 million that Sethi paid to settle the SEC’s case last year.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
