SEC’s New Whistleblower Program Takes Effect Today – Report Violations, Apply for Awards

If any “whistleblowers” out there want to come forward, we would be happy to put you on our Citizen Warriors radio show…

More and more people are coming forward. Are you ready?

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SEC’s New Whistleblower Program Takes Effect Today

New Webpage Launched to Help People Report Violations, Apply for Awards

FOR IMMEDIATE RELEASE
2011-167

Washington, D.C., Aug. 12, 2011 — With its new whistleblower program officially becoming effective today, the Securities and Exchange Commission today launched a new webpage for people to report a violation of the federal securities laws and apply for a financial award.

The Dodd-Frank Wall Street Reform and Consumer Protection Act provided the SEC with the authority to pay financial rewards to whistleblowers who provide new and timely information about any securities law violation. Among other things, to be eligible, the whistleblower’s information must lead to a successful SEC enforcement action with more than $1 million in monetary sanctions.

The SEC’s new webpage at www.sec.gov/whistleblower includes information on eligibility requirements, directions on how to submit a tip or complaint, instructions on how to apply for an award, and answers to frequently asked questions.

“Early and quick law enforcement action is the key to preventing securities fraud and avoiding investor losses, and the whistleblower program gives us the tools to help achieve that goal,” said Robert Khuzami, Director of the SEC’s Division of Enforcement.

Sean McKessy, Chief of the SEC’s Office of the Whistleblower, added, “Securities fraud is not a victimless crime. That’s why why it is so important for people to step forward when they witness an ongoing securities fraud or learn about one that has taken place or is about to occur. Our new whistleblower award program makes it easier for people to take that step.”

The SEC’s new whistleblower program strengthens the SEC’s ability to protect investors in several ways:

  • Better Tips: Over the past several months, the SEC has seen an increase in the quality of tips that it has been receiving from individuals since Congress created the program.
  • Timely Tips: Potential whistleblowers are incentivized to come forward sooner rather than later with “timely” information not yet known to the SEC.
  • Maximizes Outside Resources: With fewer than 4,000 employees to regulate more than 35,000 entities, the SEC cannot be everywhere at all times. With a robust whistleblower program, the SEC is more likely to find and deter wrongdoing at firms it may not have otherwise uncovered
  • New Protections Against Retaliation: Employees who come forward are provided with new tools to protect themselves against employers who retaliate.
  • Bolsters Internal Compliance: The new rules provide significant incentives for employees to report any wrongdoing to their company’s internal compliance department before coming to the SEC. Therefore, companies that would prefer their employees report internally first are incentivized to a have credible, effective compliance program in place.

The SEC adopted final rules on May 25 to implement the Dodd-Frank whistleblower program. Individuals wishing to be considered for an award under the Whistleblower Program are required to submit an online questionnaire or the newly approved Form-TCR.

Prior to the enactment of the Dodd-Frank Act, the SEC only had authority to reward whistleblowers in insider trading cases.

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http://www.sec.gov/news/press/2011/2011-167.htm

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4closureFraud.org

Comments
22 Responses to “SEC’s New Whistleblower Program Takes Effect Today – Report Violations, Apply for Awards”
  1. lies is all they tell says:

    AND THIS IS GOING TO HELP US HOW? 9WE ALREADY KNOW WHATS GOING ON

  2. I have been sending stuff forever! Nothing happens, here’s a funny, my first heads up I sent to the bank! They get really dirty when they find out you are making too much noise.

  3. lvent says:

    BLOOMBERG REPORTING: France, Italy, Spain and Belgium to enact short selling mechanism to prevent short selling…U.S. Supreme Court rules Healthcare Mandate is UNCONSTITUTIONAL……..

  4. lvent says:

    BLOOMBERG REPORTING: SEC WILL DO NOTHING TO STOP WALL STREET FROM SHORT SELLING……

  5. Ron Moss says:

    Where do we line up to get a free house?

    • lvent says:

      RON, FREE HO– USE??? THE CROOKS OWE US MORE MONEY THAN THESE HO– USES ARE EVEN WORTH FOR COMMITTING MASSIVE PERNICIOUS FRAUD USING MORE FRAUD, DECEPTIVE PRACTICES AND UNFAIR DEALING.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    • maggie May says:

      When u figure it out call joshua!!!Tell him i sent you hes like a son to me:)

  6. lvent says:

    I think the SEC just wants to find out how much we know and how many of us there are…..We have to stick together and blow the whistle…..Send them complaints en masse.

  7. maggie May says:

    Dats what fed told me this goes to mortgage fraud division,,this goes to violent crimes…this goes to fraud division etc,,,

  8. talktotennessee says:

    Read yesterday that the government may want to rent Fannie Mae’s vacant houses. Now the Government can be our landlords.
    Hey, if they can’t sell the chicken, maybe they can sell the eggs.

  9. Twist says:

    Why just SEC? THERE MUST BE A GOVERNMENT ORGANIZATION CREATED EXCLUSIVELY FOR THE REPORTING OF MORTGAGE FRAUD, ID THEFT AND AL OTHER FINANCIAL CRIMES SUCH THAT A DATABASE IS — USED TO CONSTRUCT A BASIS FOR THE PROSECUTION OF THOSE INVOLVED. IT WOULD SEEM UNLIKELY THAT THIS COVER UP COULD BE HAP PENNING AT THIS POINT IF MOST OF THIS WAS NOT CREATED AND CA– USED BY GOVERNMENT INSIDERS IN FANNIEMAE, AND OFFICE OF VA LOAN GUARANTY. IT MAY BE THAT EMPLOYEES OF THESE AGENCES WERE ENGAGED IN RACKETEERING FOR THEIR OWN PERSONAL ENRICHMENT VS ANYTHING TO DO WITH THE BANKS, OTHER THEN INDERS IN THE BANKS COLLUDING WITH THEM. IMHO.

    • lvent says:

      The FBI has a mortgage fraud division…that is a different division than the White Collar Crimes Division .I was told that by a Chief from the Investigations Division at my State AG’s office…He told me to report the mortgage fraud to them…You can also file a police report regarding the fraud and that complaint goes to the States Attorneys office….Those efforts are being blocked and diverted to the State AG’s..There needs to be alot more of us marching into those police stations to file police reports…like by the hundreds….!!! This crime spree against WE THE PEOPLE is massive and it is time to take action…..

      • lvent says:

        THere are 20 MILLION HOMES IN FRAUDCLOSURE…THAT IS 20 MILLION X ?? THERE ARE AT LEAST 40 MILLION OF US AND HOW MANY OF THEM????? AND WE ARE LETTING THEM GET AWAY WITH THIS??????

      • Twist says:

        The Georgia State AG does not have the authority to investigate mortgage fraud. Being that the Atlanta metro area is the nexus for financial mortgage fraud at the racketeering level, and that the VA Southeastern Regional Office is in Atlanta, it all seems rather contrived and convenient.

      • lvent says:

        Twist, ..My State AG’s office as well as my County Sherriff’s dept. is investigating the mortgage fraud…Even the County Recorder of Deeds has a MORTGAGE FRAUD HOTLINE….312-603-5053…..On their home page they talk about the mortgage and conveyance fraud that was pervasive in the mortgage industry……..We can’t let them get away with covering this up……, this crime is massive against all of us…..We the people better fight this..NWO Hitler plan…If they get away with this, what will come next, is even uglier…

  10. housemanrob says:

    How about we act like real Americans and BLOW THE WHISTLE FOR FREE!!

    • talktotennessee says:

      You’ve never been a whistleblower have you?
      They are persecuted, sued, abused, threatened, etc. Unless there is some incentive to put yourself in the middle of the fray, I doubt many people would go through the pain. Remember the tobacco whistleblower who had his life and family threatened? Jobs lost, etc.

  11. talktotennessee says:

    Uh oh! Every robo-signer in the business will be submitting tips hoping for a piece of the pie.
    This could be big and a major blow up of the whole mess. I am thinking a lot of people know the down and dirty on banks and lenders. Now what the SEC will do with it is another matter. Sometimes things get so big and out of hand that they are squashed to everyone’s dismay.

  12. maggie May says:

    Report all the bitches!!!!!!! LOL

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