SEC Issues Whistleblower Award

Unidentified winner gets part of the penalty collected.

The Securities and Exchange Commission announced Tuesday that it had granted the first whistleblower award under a new program to a witness who helped stop a multi-million dollar fraud.

The agency did not identify the whistleblower or the case in question, but said the person will receive an award of $50,000. That equates to 30% of the total penalties collected so far by the SEC in the case, the maximum percentage allowable by law.