Advocates are warning the changes will set back efforts to police Wall Street and punish corporate fraud.
A federal agency is moving with little fanfare to revamp one of the most successful whistleblower programs in the government, alarming advocates who warn the changes will set back efforts to police Wall Street and punish corporate fraud.
The SEC has collected some 26,000 tips and complaints, resulting in more than $2 billion in penalties and restitution. Now, with the backing of the business community, the two Republicans on the five-member SEC and the one independent are looking to make changes to the program that Chairman Jay Clayton says will make it more effective. Final adoption of the plan is expected this month, with only a majority vote on the five-member agency needed for approval.
The proposal would give the SEC discretion to set the smallest and largest cash awards to whistleblowers, among other changes. Critics say that change would likely discourage employees from reporting major frauds by lowering the chances of a huge payout. The payment for successful cases is now 10% to 30% of fines or restitution collected by the agency — which means the bigger the fraud, the larger the bounty.
Asked about criticisms of the proposal, the SEC referred to statements by Clayton, the chairman. He has said that for awards below $2 million, the current percentage range is too"rigid" and the agency"should have the authority to depart upward from the amount determined by the percentage formula." More than 60% of the awards paid out under the program have been below $2 million, Clayton said.
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