The SEC whistleblower programme appears to be a rip-roaring success
0.01% may have gained a new member on May 5th, when someone earned $279m. The source of the windfall was neither a bank nor a hedge fund, but rather the agency that regulates them. The Securities and Exchange Commission said it had dished out the whopping sum to a whistleblower—the biggest such award since it started paying tipsters over a decade ago. Other governments, such as many of those in Europe, are shy of rewarding with cash those who report fraud.
Many tipsters remain anonymous, preferring for example to share their information via a lawyer. Some continue to work for the firms they reported on. In some cases the whistleblowers are not employees of the firms they report on—and thus run no particular risk for reporting on potential wrongdoing. No public details have emerged about the misconduct that the record-breaking whistleblower helped to uncover. But some informants do go public about their targets.
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