Categorized | Consumer Protection

SEC Now Pays Whistleblowers


Many employess know secrets about what is going on within their companies that is illegal. Many are afraid to come forward eventhough the law protects them. The SEC has now provided some extra incentive.


From NJ law Journal
The significance of the first whistleblower payment from the Securities and Exchange Commission wasn’t the size of the payout — a paltry $50,000 — but rather the clear message added to the memo line on the check: There’s much more to come. The SEC announced Wednesday it made the first payout from its new whistleblower program under the Dodd-Frank Act to an unidentified person who helped stop a multimillion-dollar financial fraud. The law prohibits the agency from releasing details that could identify the claimant. Sean McKessy, head of the SEC’s Whistleblower Office, said in a statement that since the program was established in August 2011, his office has been receiving about eight tips a day.

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