Most people of heard of whistleblowing. It usually consists of professionals reporting on wrongdoing and unethical practices that hurt their fellow citizens. But you may have heard that there are different forms. So,what is SEC whistleblowing?
The Dodd-Frank Wall Street Reform and Protection Act
The Securities and Exchange Commission (SEC) set up the Whistleblower Reward Program under the Dodd-Frank Act. This was done to ensure that ethical people in the financial industries would feel safe coming forward with any information about any illegal practices on Wall Street.
Not only do the whistleblowers get to keep their jobs under this program,but they also receive a reward for any financial recovery by the SEC or other government agencies over $1 Million,made easier by working with a -.
SEC Whistleblower Reward Program
The reward is set up so that the person who helps recover over $1 Million receives anywhere from 10% – 30%. They determine the amount by examining several factors,according to the best -.
– They look at the profile level and significance of the provided information.
– They also factor in how helpful the whistleblower and their lawyer is with the case.
– They also determine if the SEC has an interest in acting on the violation. Some violations have grey areas and may be difficult to prove or difficult to find evidence for. The strength of the case is a huge factor.
Is There Confidentiality Protection
If the whistleblower secures an attorney,they will be granted confidentiality through their attorney while still receiving any reward the SEC determines is applicable. This is an important factor because even though the program pledges to protect the whistleblower’s job,they cannot protect them from any harassment they might receive at their job after any action has been taken.
The ability to remain anonymous is a huge part of the program and why it remains so successful. If you know of a strong case of fraud where you work or with companies tied to your employer,finding a lawyer is your first line in protecting yourself before you do the right thing.
It is also recommended that when searching questions like,”What is SEC Whistleblowing?” that you do so on a computer where you can remain anonymous. Your- can help you further with how to keep yourself completely undetectable.