Whistleblowers: The New Bounty Hunters

Quiz: QUIZ: Whistleblowers

The number of tips from whistleblowers to the href=”http://www.sec.gov/complaint.shtml” target=”_blank”>Securities and Exchange Commission has spiked in the last year. Until 2009, the SEC received one or two such tips per month. However, since July 2010, the agency has been getting tips at a rate of one or two per day. What’s changed?

What’s changed is that the Dodd–Frank Wall Street Reform and Consumer Protection Act was signed into law. It provides whistleblowers with the opportunity to collect very large paydays for providing "original information" that leads to the discovery of fraud exceeding $1 million. According to SEC, this has led to a situation where the agency now receives regular, high-quality tips, often submitted through an attorney.

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Posted 8 February 2011