Whistleblowers Wanted – And You Will Be Well Rewarded

You know how to whistle, don’t you? Well, if you don’t, get ready to learn. That’s because the Dodd-Frank Reform Act contains a provision granting the Securities and Exchange Commission broad authority to reward whistleblowers. 

Earlier this week, SEC Chair Mary L. Schapiro, testifying before the House Committee on Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, said that SEC staff already has begun meeting internally to discuss the rules required by the legislation. According to Schapiro, the goal will be to establish “a robust whistleblower program that incentivizes persons to come forward with information we would not otherwise receive and enhances the effectiveness of our enforcement efforts.”
 
It’s a very very good time to be a whistleblower.