The SEC announced that it has made its first award in a whistleblower program under Dodd-Frank, a Wall Street Journal blog post reports.
"We're seeing high-quality tips that are saving our investigators substantial time and resources," said SEC chairman Mary L. Schapiro. The Dodd-Frank provision rewards whistleblowers with 10%-30% of the fines collected in an enforcement action (when the total is over one million).
The award was approximately $50,000, the full 30% of the fines collected in the action so far. Details of the fraud case were not provided by the SEC, nor was the name of the whistleblower.
The chief of the SEC's whistleblower office says it has been eight tips a day over the past year.
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