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SEC aided by more than 3,000 whistleblower tips

Nov. 15, 2012 - 05:17PM   |  
By ANDY MEDICI   |   Comments

The Securities and Exchange Commission received more than 3,000 whistleblower tips in fiscal 2012, according to a new report by the agency.

The most common complaints related to corporate financial disclosures and possible fraud, according to the SEC.

The agency said 143 judgments and orders issued during fiscal 2012 can be traced to tips from whistleblowers.

SEC Chairman Mary Schapiro said the numbers show the whistleblower program was a valuable tool in detecting financial fraud.

“When insiders provide us with high-quality road maps of fraudulent wrongdoing, it reduces the length of time we spend investigating and saves the agency substantial resources,” Schapiro said in a press release.

The agency can reward whistleblowers with up to 30 percent of the money it recovers. SEC paid out its first award of $55,000 in fiscal 2012, according to the report, which was required by 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

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