Surge In Tips To SEC Exposes Gaps In Internal Reporting
By Al Barbarino (November 19, 2021, 6:56 PM EST) -- As tips to the U.S. Securities and Exchange Commission's whistleblower program skyrocketed in fiscal year 2021, successful tipsters skipped internal reporting more often than in prior years — a sign that the COVID-19 pandemic has created an internal reporting gap that needs fixing.
The SEC's fiscal year 2021 report released Nov. 15 shows an unprecedented rise in the dollar amount and number of awards paid out, as well as a huge uptick in the number of tips received.
The agency awarded approximately $564 million to 108 individuals in fiscal year 2021, exceeding the combined total paid since the program's 2011 inception. Meanwhile, 12,201...
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