XPost: ba.politics, dc.media, soc.penpals   
   XPost: alt.burningman   
   From: billsteele@dev.null   
      
   (Reuters) - An anonymous tipster living abroad will be receiving   
   more than $30 million, in the largest whistleblower award ever   
   doled out by U.S. securities regulators as part of a program   
   that aims to incentivize insiders to report wrongdoing.   
      
   The Securities and Exchange Commission said on Monday that the   
   whistleblower provided crucial information that helped   
   investigators uncover a "difficult to detect" ongoing fraud.   
      
   “This record-breaking award sends a strong message about our   
   commitment to whistleblowers and the value they bring to law   
   enforcement," SEC Enforcement Director Andrew Ceresney said.   
      
   The SEC won new powers in the 2010 Dodd-Frank Wall Street reform   
   law to entice whistleblowers with monetary awards. Prior to the   
   new law, the SEC was only able to reward people for helping on   
   insider-trading cases.   
      
   The new program lets the SEC pay a whistleblower who provides   
   tips and original information that leads to an enforcement   
   action with sanctions that exceed $1 million.   
      
   The SEC can award a whistleblower anywhere between 10 percent   
   and 30 percent of the money the agency collects.   
      
   By law, the SEC is not allowed to reveal the identity of   
   whistleblowers, and so as a result it does not disclose which   
   case a whistleblower helped to crack.   
      
   Settlements with the SEC large enough to justify a $30 million-   
   plus award are fairly uncommon.   
      
   Phillips & Cohen LLP, a law firm that represented the   
   whistleblower, declined to provide details about the case but   
   said its client will receive at least $30 million and possibly   
   as much as $35 million.   
      
   “I was very concerned that investors were being cheated out of   
   millions of dollars and that the company was misleading them   
   about its actions,” said the whistleblower, in a press release   
   issued by the law firm.   
      
   Monday's announcement marks the fourth time the SEC has agreed   
   to award a whistleblower living abroad - a fact that the agency   
   said demonstrates the "international breadth" of the program.   
      
   Since the inception of the program in fiscal year 2012, the SEC   
   has awarded more than a dozen whistleblowers. Monday's $30   
   million-plus award is more than double the previous record of   
   $14 million, awarded to a whistleblower in 2013.   
      
   http://www.reuters.com/article/2014/09/22/us-sec-whistleblower-   
   idUSKCN0HH2EM20140922   
      
       
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)