“Whistleblowers” and Tipsters at the SEC — Cady Bar the Door

… The difficult truth here is the Commission cannot pursue everything it’s confronted with.  There is more securities fraud in the world than the SEC can address.  And, given the numbers involved, that last piece is very hard to do, especially given the consequences of getting it wrong.  Most tips that lead to successful enforcement actions are easy to read in retrospect.  They’re much less clear when hidden in a stack of 30,000 similar ones.  But you can’t “always take the call,” and you can’t even treat all tips equally.  Some of them are truly insane; others are clear and easily verifiable.  The vast majority lie somewhere in the middle, and it takes a lot of talent and hard work to figure which is which.

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