SEC Whistleblower Reveal Won't Sink Program, Attys Say
Law360, New York (April 25, 2012, 9:09 PM EDT) -- While a report that the U.S. Securities and Exchange Commission inadvertently revealed the identity of a corporate whistleblower is a black eye for the regulator, the slipup isn't likely to damage its fledgling whistleblower program, securities attorneys say.
The potentially massive financial rewards for employees who report fraud at their companies to the commission's staff — up to 30 percent of any judgment over $1 million — that were adopted by the SEC in May as part of the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act are just too tempting for potential whistleblowers, according to attorneys....
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