Whistleblower fund
Source: Agencies |
November 1, 2010, Monday
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Print Edition
Print Edition
THE United States Securities and Exchange Commission said it has set aside about US$450 million for payments to outside whistleblowers whose information result in successful cases and penalties collected from companies or individuals.
The SEC set up the program in accordance with the financial overhaul law enacted in July. It follows intense public criticism of the agency for the breakdown that allowed Bernard Madoff's multibillion-dollar fraud to go undetected for 16 years, despite numerous red flags raised by whistleblowers.
A report issued on Friday by the SEC shows it has put US$451.9 million into a new fund to pay whistleblowers
The SEC set up the program in accordance with the financial overhaul law enacted in July. It follows intense public criticism of the agency for the breakdown that allowed Bernard Madoff's multibillion-dollar fraud to go undetected for 16 years, despite numerous red flags raised by whistleblowers.
A report issued on Friday by the SEC shows it has put US$451.9 million into a new fund to pay whistleblowers
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