Page Perry

A non-partisan group has determined that corporate objections to the new securities whistleblower program are unfounded. The Dodd-Frank Act instituted a policy that rewards employees for revealing illegal companies practices to regulators. This policy offers the whistleblowers rewards of 10-30 percent of SEC penalties greater than $1 million. Additionally, whistleblowers can remain anonymous if they go through an attorney. Since this program has the potential to clean up many of Wall Street’s dark dealings, corporate management has “been trying to kill the Securities and Exchange Commission’s whistleblower reward program ever since Congress created it under the Dodd-Frank Act two years ago,” (See “Whistleblower Case Against GE, New Report Show Real Motives For Attacks on SEC Program,” Erika Kelton, Forbes). Large businesses have repeatedly attacked the program claiming that their internal reporting systems will be crippled. They go as far to say “the rule ‘will make it harder and slower to detect and stop corporate fraud.’ “