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Wall Street Rewards to Trigger Surge in Informants
Posted By admin On August 9, 2010 @ 9:38 am In Money Watch | Comments Disabled
Jean Eaglesham and Brooke Masters
Aug 9, 2010
New US whistleblowing incentives within the Dodd-Frank financial reform act – that could net informants multimillion dollar pay-outs – are likely to generate a surge in allegations against US-listed companies and Wall Street banks, lawyers say.
The Securities and Exchange Commission is expecting a sharp increase in tip-offs from senior employees and third parties prompted by potential seven-figure bounties.
“The scale of the awards reflects the high quality of whistleblower we hope to get – people within a company, broker or other regulated firm that we might not have heard from before,” Stephen Cohen, an SEC official, told the Financial Times. “We’re expecting a tremendous response.”
The substantive new financial incentives for securities fraud whistleblowers are part of the sweeping Wall Street reforms that became law last month.
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