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August 14, 2011

SEC launches new whistleblower programme

The US Securities and Exchange Commission (SEC) has launched a whistleblower programme.

The aim of the programme is to help report violations of the federal securities laws and apply for a financial award, implementing the Dodd-Frank whistleblower programme.

To be eligible, the whistleblower’s information must lead to a successful SEC enforcement action with more than $1m in monetary sanctions.

“Early and quick law enforcement action is the key to preventing securities fraud and avoiding investor losses, and the whistleblower program gives us the tools to help achieve that goal,” SEC’s division of enforcement director Robert Khuzami said.

SEC’s Office of the whistleblower chief Sean McKessy said: “Securities fraud is not a victimless crime. That’s why it is so important for people to step forward when they witness an ongoing securities fraud or learn about one that has taken place or is about to occur.”

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