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The Securities and Exchange Commission set aside about $452 million to reward tipsters under new authority granted by the Dodd-Frank law, the agency said in a report to Congress Friday.
Whistle-blowers who help the SEC prosecute fraud cases will receive as much as 30 percent of the money the agency collects in cases where sanctions reach at least $1 million.
Congress gave the SEC the authority to increase bounties and awards for whistle-blowers after faulting the agency for missing Bernard Madoff’s Ponzi scheme and failing to curb Wall Street practices that contributed to the 2008 financial crisis.
