The SEC previously awarded three whistleblowers in a hedge fund case an aggregate of 15% of certain funds collected.
The SEC has announced that approximately $170,000 has been administratively forfeited by the defendant in a criminal proceeding – money that is deemed collected for purposes of issuing whistleblower awards. Therefore, the three whistleblowers will now receive $8,505 each. Additional payments can be made to these whistleblowers upon forfeiture of the additional assets that have been seized.
The aggregate value of assets seized from the defendant is estimated to be approximately $845,000, and the whistleblowers are expected to ultimately receive 15 percent of this amount for a combined total of approximately $125,000.