Nanex's Husander Receives $750,000 Whistleblower Reward

Eric Hunsader of Nanex LLC said the Securities and Exchange Commission is sending him a $750,000 whistleblower award, according to a report on MarketWatch.

In January, the SEC announced an award of more than $700,000 to a whistleblower without disclosing the name of person.

On July 21, 2010, Congress signed into law, as part of Dodd-Frank, a new whistleblower program. That same afternoon, Hunsader was comparing the quote time-stamps in General Electric Company GE common stock between the SIP and NYSE's direct feed (Open Book). What Hunsader discovered over the next few hours later turned out to be a important evidence that led to the historic $5 million fine against the NYSE on September 14, 2012. It was the first time the SEC had ever fined a stock exchange.

Related Link: General Electric Leading S&P 500 Index Lower Image Credit: Public Domain

The SEC's whistleblower program has paid more than $55 million to 23 whistleblowers since the program's inception in 2011. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators.