In 2010, when the Dodd-Frank Wall Street Reform and Consumer Protection Act became law, there was a great deal of conjecture regarding its future. Would the bounty program succeed? How would the SEC support the program? These and the many other questions that people were asking could only really be answered by the passage of time.
The SEC whistleblower program has now been in effect for over four years. Over fifty million dollars in bounties has been awarded to whistleblowers so far. The SEC’s Office of the Whistleblower has already received thousands of tips from whistleblowers in the United States and at least sixty foreign countries. Additional tips continue to come in, and there is no reason to expect that this will stop any time soon. As long as there are companies that are refusing to correct improper conduct, whistleblower will have a reason to come forward and expose their actions.
While the SEC acknowledges its role in supporting and encouraging whistleblowers, people within the SEC are quick to point out that the program would not be nearly as successful as it is without the whistleblowers. These individuals have enabled the SEC to find and stop ongoing fraud, and even to prevent imminent fraud. The SEC whistleblower program has also resulted in an increase of self-reporting from companies. This is likely due to the fact that companies are now aware of just how willing people are to come forward after witnessing improper conduct if it is not corrected.
The SEC has proven to be a steadfast advocate for whistleblowers, assigning the highest priority to cases of alleged wrongdoing which allege not only improper conduct, but also, retaliation towards individuals who could expose the wrongdoing. It has also extended its advocacy and protection to people who have experienced retaliation after reporting possible violations internally, without having even taken their concerns up to the SEC. It is expected that the SEC whistleblower program will enjoy continued success, especially as more cases are pursued and the public consciousness of how whistleblowers are protected increases.
Barrett Law PLLC: Providing Strong Advocacy for Mississippi Whistleblowers
The SEC whistleblower program continues to enjoy success, as more and more individuals feel confident that they can report wrongdoing that the companies that they work for have been alerted to and have refused to correct of their own accord. Reporting improper conduct under the SEC whistleblower program does not guarantee that a whistleblower will receive a bounty, but even without a guarantee of payment, people are continuing to come forward, perhaps because of the support and advocacy that whistleblowers receive from the SEC. If you would like to pursue a whistleblower claim, the Mississippi Whistleblower Attorneys at Barrett Law PLLC know how to provide you with the support you need. Our attorneys are experienced at handling whistleblower lawsuits, and they can help you pursue your claim. Call the Mississippi Whistleblower Attorneys at Barrett Law PLLC today at 1 (800) 707-9577 to schedule your free, initial consultation.