Whistleblower Awards Stuck in the SEC Pipeline

image003 (1)The Securities and Exchange Commission’s popular whistleblower program vows to move quickly when it comes to acting on tips from whistleblowers. Apparently, it’s not acting as swiftly on paying out. According to the Wall Street Journal:

Of the 297 whistleblowers who have applied for awards since 2011, about 247—or roughly 83%—haven’t received a decision from the SEC, according to data obtained by The Wall Street Journal in response to a public-records request. Some of the award claims have been delayed more than two years.

This could present a serious issue for the whistleblower program if would-be tipsters decide not to come forward because the whistleblower awards are taking too long to come through.

“These claims involve complex issues, many of which are being considered for the first time in the whistleblower program,” said the agency’s enforcement director Andrew Ceresney in a statement reported by the Wall Street Journal. “We remain committed to ensuring the correct result for each claim and processing them as quickly as possible.”

Read more here (subscription required): http://www.wsj.com/articles/sec-backlog-delays-whistleblower-awards-1430693284?KEYWORDS=whistleblower

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