Category: Whistleblower Systems

Large IRS Whistleblower Payoff Encourages Others

The Internal Revenue Service paid a $1.1 million reward to an anonymous whistleblower for information that exposed a tax fraud by Enron, Bankers Trust and others before the company collapsed.  The whistleblower, a Wall Street banker who has chosen to remain anonymous to protect his job and career, received the maximum reward of 15 percent. …

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Permanent link to this article: http://betweenthenumbers.net/2011/03/large-irs-whistleblower-payoff-encourages-others/

Whistleblower activity will fuel increased litigation in 2011.

Since the advent of the Sarbanes-Oxley Act, public companies have been required to provide a means for employees to communicate inappropriate financial and accounting control activity to the Audit Committee in a confidential manner.  The Dodd-Frank Act expanded the use of whistleblower systems in an effort to avoid the SEC’s own whistleblower setup.  Whistleblower systems …

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Permanent link to this article: http://betweenthenumbers.net/2011/03/whistleblower-activity-will-fuel-increased-litigation-in-2011/

Update on SEC Whistleblower Program under Dodd-Frank

Section 922 of the Dodd-Frank Act contains a whistleblower program sponsored by the Securities and Exchange Commission (SEC). This law (i) makes significant changes in the existing whistleblower provisions of the Sarbanes-Oxley Act of 2002, and (ii) authorizes the SEC to pay between 10 and 30 percent of a recovery over $1 million to anyone …

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Permanent link to this article: http://betweenthenumbers.net/2011/02/update-on-sec-whistleblower-program-under-dodd-frank/