Forum Post: What about bounties for whistelblowers?
Posted 13 years ago on Oct. 12, 2011, 8:37 p.m. EST by maximusdecimus
(4)
This content is user submitted and not an official statement
I would need someone better educated in economics to iron out some specifics of this idea, but what if whistleblowers in major corporations were rewarded with a significant bounty?
One that perhaps increased with the relative severity of the corporate crimes being committed, and the value of the evidence the whistleblower was able to accumulate?
Is that something that has already been enacted? And where can I find more details of how that works?
Does it realistically reward a whistleblower every time?
It says "eligible individuals who come forward with high-quality original information that leads to a Commission enforcement action in which over $1,000,000 in sanctions is ordered"
What is an eligible individual? And what makes information high-quality and original? And what if they come forward with information in which only $500,000 in fines are exacted? Then they are owned?
Most major corporations are publicly held companies. Accordingly Whistleblowers would be subject to receive 10-30% of funds collected.
Please see Securities and Exchange Commision Whistleblowers website http://www.sec.gov/whistleblower
Sounds like a fair idea to me!