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Insider Trading and Securities
Fraud Enforcement Act of 1988
Source:
Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority and you can order
it here)
Federal legislation
designed to discourage and punish insider trading in securities and securities
fraud. One provision of the
act authorizes the SEC to award bounties to individuals who provide insider
trading information. The
bounties are paid out of monies recovered as penalties under the act (instead
of directly to the Treasury). Bounties
that can be paid from a civil penalty may not exceed 10% of that penalty.
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