The programme may prove lucrative for these individuals, as 10-30 per cent of the amount recovered by the SEC may be available as a reward. Although no rewards have yet been granted, similar cases in the past have involved multi-million-dollar settlements.
Chief of the SEC’s whistleblower office, Sean McKessey, told the FT: ‘We’ve been very pleased with the percentage of whistleblower tips that have [signs] of reliability, either because they’re from somebody working at the company they’re complaining about or there’s a sufficient amount of specificity, or both.’
Jordan Thomas, who helped to draft the whistleblower rules, said: ‘Financial fraud is the most common violation that has been brought to me and they’ve all led to large public companies. In the past people with potential liability remained silent.’