Ruling allows them to collect up to 30% of penalties, even when they go outside the company’s own complaint system.
The Securities and Exchange Commission will let corporate whistleblowers collect as much as 30 percent of penalties when they report financial wrongdoing, even when they bypass companies’ internal complaint systems.
SEC commissioners voted 3-2 today in Washington to establish a whistleblower program to “reward individuals who provide the agency with high-quality tips that lead to successful enforcement actions.” The program, part of the SEC’s rulemaking under the Dodd-Frank Act, expands a bounty system that was previously limited to insider-trading cases.
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