New Whistleblower Program is Now Open for Business

The Securities and Exchange Commission (SEC) announced that its new whistleblower program is open for business, effective August 12, 2011. To make reporting easier, the SEC launched a new webpage to assist in reporting securities laws violations and possibly being considered for financial rewards for doing so. The new webpage is www.sec.gov/whistleblower and it answers frequently asked questions, as well as providing help with eligibility, how to file your information regarding the violation and how to file for financial rewards.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC is now authorized to give financial rewards to those submitting new and timely details about securities law violations. For a whistleblower to qualify for financial rewards, the information provided must aid the SEC in completing a successful enforcement action resulting in over $1 million in monetary fines. Before Dodd-Frank, the SEC could only reward whistleblowers that provided information on insider trading.

According to the Chief of the SEC’s Office of the Whistleblower, Sean McKessy, “Securities fraud is not a victimless crime. That’s why it is so important for people to step forward when they witness an ongoing securities fraud or learn about one that has taken place or is about to occur. Our new whistleblower award program makes it easier for people to take that step.” Please contact our securities law firm at 1-800-259-9010 for assistance in filing your Form TCR, as it is never recommended that you attempt to do this on your own.

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