Whistleblowers have helped the SEC recover over $1.7 billion in sanctions from wrongdoers over the past decade.
Despite this success, the Securities Exchange Commission (SEC) recently announced proposed changes that would undermine its extremely successful whistleblower program:
(1) Creating an unrealistic reporting procedure that would disqualify a vast number of whistleblowers simply because they reported their concerns to the wrong office at the SEC, rather than filling out a specific form and filing it according to specific reporting procedures. Whistleblowers who directly contact the SEC Commissioners would be disqualified from obtaining a reward!
(2) Placing an arbitrary cap on whistleblower rewards, which could be imposed in large fraud cases, regardless of contribution of the whistleblower or the amount of retaliation the whistleblower suffers. This cap would disincentivize whistleblowers from coming forward.
It’s critical that these changes are not implemented. Take action today! Urge your representatives to speak out against changes to the SEC’s whistleblower program!
It's critical these changes are not implemented. They would cause grievous damage to one of the best whistleblower programs in the country.
The National Whistleblower Center is working to protect this program, but we need your help!
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