Canadians were among the top foreigners to report tips of alleged corporate malfeasance this year to the U.S. Securities and Exchange Commission through the regulator’s whistleblower line.
Calls from the United Kingdom and India outstripped Canada this year, but Canadians were the third most active tippers with 58 calls to the regulator that offers financial incentives for tips that lead to successful enforcement action.
Did someone finally inform the SEC that Bernie Madoff's business model has been adopted by every central bank in the "developed world?" Whatever the reason for today's record SEC award, which almost certainly has to do with HFT, a topic which this blog first brought to light back in 2009 when nobody had a clue what algo/high frequency trading is, congratulations to the lucky winner (unless of course it has to do with someone spilling the beans on US tax evaders in Swiss banks), and our condolences to the banks, because now that one can comfortably retire by informing the regulators of the p
An incentive-backed whistleblower program that would pay financial rewards for information about serious financial crimes is being proposed by Canada’s largest capital markets regulator.
The Ontario Securities Commission’s program would mark the first time a Canadian securities regulator has paid for tips.
Whistleblowing just became a lot more lucrative. The Securities and Exchange Commission announced its largest whistleblower award ever today, more than $14 million to an insider who helped recoup investor funds.
The Obama administration has prosecuted more whistleblowers than all other presidents combined. This administration has also obtained much longer jail sentences against whistleblowers than previous presidents.
Redemption can be so sweet. Edward Snowden and his cadre of supporters no doubt were already feeling this from the many accolades and tributes he received this year (most recently, runner-up to the Pope for Time magazine’s Person of the Year!). Now, there is a decision by a federal district court to further cement his validation, finding a “substantial likelihood” that the NSA’s collection of phone records Snowden exposed is unconstitutional.