SEC Makes Second-Ever Dodd-Frank Whistleblower Award – WSJ Risk & Compliance

The Securities and Exchange Commission gave out its second-ever award under the whistleblower program established under the Dodd-Frank financial-overhaul law.

The agency Wednesday issued an order awarding three unnamed whistleblowers 5% each of the funds that it ultimately collects from its enforcement action against what it called “sham hedge fund” Locust Offshore Management LLC and Andrey C. Hicks, its chief executive. Hicks has pled guilty to criminal fraud charges and was sentenced to 40 months in prison.

via SEC Makes Second-Ever Dodd-Frank Whistleblower Award – WSJ Risk & Compliance