Whistleblower Law Blog
Big Reward Potential Likely to Lure More Whistleblowers to the SEC
According to Time, the new SEC whistleblower reward program established by the Dodd-Frank Act will likely lead to a substantial increase in the reporting of fraud and other wrongdoing by public companies to the SEC. Under the previous SEC reward program, the SEC granted rewards between 0% and 10% to whistleblowers at the SEC’s discretion. Under the Dodd-Frank Act, the SEC is now required to grant a reward between 10% and 30% to each whistleblower providing original information leading to a sanction that exceeds $1 million.