Meet the SEC Whistleblowers

whistleblower-info-promo

Since the Securities and Exchange Commission set up its whistleblower program in 2011, 6500 people have stepped forward as “whistleblowers.” Maxwell Murphy of the Wall Street Journal made a Freedom of Information Act request to find out more.

How successful has the program been and are the people filing really “whistleblowers”?

Of those 6500, only 42 listed themselves as executives or board members. Retirees were the largest group with 365 reports, followed by investors with 290 complaints and engineers coming in third.

According to the 2013 annual report, there were 334 whistleblower reports in 2011, with 3001 in FY2012 and 2013 in FY2103.

The SEC has doled out six whistleblower bounties. Discounting the time it takes to bring a case and investigate, the bounties may not have caught up with the complaints filed. Perhaps the ratio will become better than 1 in 1000.

Sources:

Author: Doug Cornelius

You can find out more about Doug on the About Doug page

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.