SEC Whistleblowers To Receive $125,000

The SEC previously awarded three whistleblowers in a hedge fund case an aggregate of 15% of certain funds collected.

The SEC has announced that approximately $170,000 has been administratively forfeited by the defendant in a criminal proceeding – money that is deemed collected for purposes of issuing whistleblower awards.  Therefore, the three whistleblowers will now receive $8,505 each.  Additional payments can be made to these whistleblowers upon forfeiture of the additional assets that have been seized.

The aggregate value of assets seized from the defendant is estimated to be approximately $845,000, and the whistleblowers are expected to ultimately receive 15 percent of this amount for a combined total of approximately $125,000.

Check dodd-frank.com frequently for updated information on the JOBS Act, the Dodd-Frank Act and other important securities law matters.

Topics:  Hedge Funds, SEC, Whistleblower Awards, Whistleblowers

Published In: Criminal Law Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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