The Securities and Exchange Commission today announced that sham hedge fund whistleblower (three people) have been awarded more than $25,000 to date.
This is the first of anticipated payments to the whistleblowers in which they will receive approximately $125,000 in total.
The case had related criminal proceedings in which money is collected by another regulator and the sham hedge fund whistleblowers award can also collect up to 5 percent of total in the related criminal action.
In this case, perpetrator was involved in wire fraud and consented to the forfeiture of his interest in property:
- sham hedge fund whistleblowers helped stop investor fraud
- sentenced to 40 months in prison with around $170,000 forfeited in the criminal proceeding
- assets seized approximately $845,000
- sham hedge fund whistleblowers to receive 15 percent of that amount
- sham hedge fund whistleblowers submitted information anonymously with the help of a lawyer
- More information about the whistleblower program and how to report a tip is available at: http://www.sec.gov/whistleblower
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