Skip to comments.Meet the SEC's 6,500 Whistleblowers
Posted on 07/29/2014 6:08:51 PM PDT by afraidfortherepublic
What do four adult entertainers, 138 engineers, a handful of pilots and a pastor have in common? They all think they have hot tips about an alleged financial fraud.
They are also among the more than 6,500 people who have offered confidential information under the whistleblower program of the Securities and Exchange Commission. The agency set up the program in mid-2011 with hopes of eliciting dirt on corporate wrongdoers. It offers a bounty of up to 30% of penalties for any monetary sanctions the agency extracts that exceed $1 million.
The potential windfall has attracted tips from at least 68 countries. Nearly 3,600 of the whistleblowers listed a job title, according to information obtained by The Wall Street Journal through a Freedom of Information Act request.
Retirees were the largest group with 365 tips. Investors were second with 290 complaints. Engineers came in third.
But whistleblowers come from all walks of life. They include a diesel mechanic, an antiques dealer and a longshoreman; there's an agronomist, two people who listed themselves as "ex-wife" and a veterinarian. There are also a number of current and retired military servicemen and enough hospitality and service employees...
Overall, the agency says that it is pleased with the quality of tips it gets and that frivolous complaints haven't bogged down the system as initially feared.
"I girded myself for an avalanche of nonsense," said Sean McKessy, head of the SEC's whistleblower office.
In fact, at least 42 of the tips came from senior executives and board members, according to the listed job titles.
The program has brought in more than $150 million in restitution and fines via five cases from eight whistleblowers. That has translated to more than $15 million in payments to the whistleblowers, including a $14 million jackpot to one person.
(Excerpt) Read more at online.wsj.com ...
Big Brother is watching (everybody except the IRS, EPA, TSA, and Obama.)
Blowers and adult entertainment seem to have a natural synergy.
Given the retribution and reprisals in the IRS, ICE and other agencies under the 0bama regime, I’m not sure I’d feel at all comfortable being any kind of “whistleblower’.
No doubt some FEDS on this commission are bleeding some of the companys whistleblown..
A more perfect scam I cannot imagine.. with denyabilty..
Its like a bounty agent on crack.. blackmail heaven..
$14m for ONE PERSON??
Another redistribution $cam?
Adult entertainers and pilots? Thought the headline was about the like named “college” football conference’s excesses for a moment.