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SEC gets more than 3,000 whistleblower program tips

Nov 16 2012 Thomson Reuters reporting team

The Securities and Exchange Commission received more than 3,000 tips during the 2012 fiscal year through its new whistleblower program that encourages people to tell regulators about securities fraud, the agency reported on Thursday. The SEC's total does not include an unspecified number of individuals who did not wish, or were not eligible, to be considered for an award under the program, the report said. Tips from the program, created under the 2010 Dodd-Frank financial reform law, came from all 50 states and from 49 countries, according to the SEC report. "Whistleblowers are now coming forward who in the past might have remained silent," said former SEC assistant director Jordan Thomas, who now chairs the whistleblower representation practice at Labaton Sucharow in New York. "The SEC whistleblower submissions could fully populate the SEC pipeline for several years," said Thomas, who helped form the current SEC whistleblower provisions. The most common complaint category,

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