WANTED : whistleblowers for frauding behavior!

1. 67

   maxoxam41posted 12 years ago

   The SEC new program is inviting any person to report any fraudulent behavior! What do you get in exchange? A nice financial reward proportionate to the amount of their fine! A beginning of a punishment in higher spheres?

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      galleryofgraceposted 12 years agoin reply to this

      So what's a SEC?

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      1. 69

         rhamsonposted 12 years agoin reply to this

         Securities & Exchange Commission in charge of monitoring Wall Street among other failures.

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   2. 0

      DoItForHerposted 12 years agoin reply to this

      Whistleblowers are protected from criminal penalties, but not from civil penalties. Civil penalties will destroy your life as well as criminal ones.

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2. 68

   Charles Jamesposted 12 years ago

   This is an old idea. At one time in England if you brought evidence of crimes to the court and prosecuted successfully you were given a share of the fine. This was because there was no effective police force. Does this say anything about the SEC?

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   1. 67

      grumpiornotposted 12 years agoin reply to this

      I seem to recall, when I studied law years ago, that this resulted in "witch-hunts". People effectively became professional witnesses and this, in turn, gave rise to many of the rules of evidence in modern law e.g. the exclusion of hearsay evidence.
      In South Africa (my homeland) there are a number of legislative provisions regarding whistle-blowers, but the net effect in reality is still that they are persecuted.
      This makes one wonder whether whistle-blowing should not rather be exclusively a matter of conscience, rather than one where financial considerations play any role. Surely the evidenciary weight accorded to evidence for which one is ultimately remunerated is compromised?

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3. 60

   knolyourselfposted 12 years ago

   It is a trick to get whistle blowers identified, fired and isolated. Ask Assange.

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      SpanStarposted 12 years agoin reply to this

      I hadn't concerned your point Knolyourself but I believe you may have something there.  Lots of companies like to push the envelope and whisle blowers slows them down.

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      maxoxam41posted 12 years agoin reply to this

      Seen through your prism, it's another story!

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      SimeyCposted 12 years agoin reply to this

      This program has been around for a year or more - the first payout of $50k just happened - the SEC are being very careful not to name the companies involved so that the whistle blowers identity remains safe. It is not a trick but a legitimate program by the SEC.

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      Hollie Thomasposted 12 years agoin reply to this

      Tease them out, set them up.

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