SEC Enforcement Division Buried In Whistleblower Tips

Law360, New York (June 5, 2012, 4:53 PM EDT) -- The U.S. Securities and Exchange Commission is getting so many tips from company whistleblowers — on average seven per day — that its enforcement staff is struggling to keep up, an agency official told Law360 on Tuesday.

Encouraged by the potential for massive financial rewards, employees have been flooding the SEC with thousands of complaints since the new whistleblower program, mandated by the Dodd-Frank financial reform law, began operating on Aug. 12, according to Thomas Sporkin, chief of the SEC's Office of Market Intelligence.

Sporkin estimates...
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