Divided SEC approves whistleblower rule (Reuters)

NEW YORK — A judge in New York approved one of two proposed settlements between units of Steven A. Cohen’s US$15-billion hedge fund SAC Capital Advisors and the U.S. Securities and Exchange Commission over civil charges related to insider trading. The roughly US$14-million settlement is between the SEC and SAC’s unit Sigma Capital Management, where a former analyst, Jon Horvath, admitted to trading on non-public information about Dell Inc and Nvidia Corp.

Corporate tipsters could get multimillion-dollar rewards for reporting financial wrongdoing under a new program.Corporate whistleblowers could score multimillion-dollar payouts for reporting financial wrongdoing under a new program approved by U.S.

(Reuters)

Large numbers of whistleblowers overseas are reporting fraud, corruption and other corporate wrongdoing to the U.S. Securities and Exchange Commission's whistleblower program for two reasons: The SEC, as required by the Dodd-Frank Act, has set up a whistleblower program that offers strong financial incentives to blow the whistle (rewards of up to 30 percent of ...

Olympus scandal shows more countries need laws to reward and protect whistleblowers. Whistleblowers in other countries now turn to the SEC whistleblower program because it's the only one that offers a reward, confidentiality and redress for job retaliation.