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.
“The SEC is receiving two to three tips every day that are
worth pursuing, and they’re farming them out to staffers for investigation,”
said Lawrence A. West, a lawyer with Latham & Watkins.
Read more: http://www.nypost.com/p/news/business/whistleblower_gold_EgZdzyFPP8vZ8IraUSMvxO
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