NEW YORK (CNNMoney) — The Securities and Exchange Commission announced Tuesday that it had granted the first whistleblower award under a new program to a witness who helped stop a multi-million dollar fraud.
The agency did not identify the whistleblower or the case in question, but said the person will receive an award of $50,000. That equates to 30% of the total penalties collected so far by the SEC in the case, the maximum percentage allowable by law.
The whistleblower could receive additional payouts as the case progresses, the SEC said in a statement.
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