The Securities and Exchange Commission has become a magnet for tips—both good and bad—after publicizing its mega-bounties, including an $82 million award given in March to three tipsters who told regulators about a complex scheme at Bank of America Corp. involving misused customer cash and securities.
The commission acknowledges the process can be improved, and partly blames requests from unworthy applicants trying to finagle windfalls from the program, which pays whistleblowers who provide tips deemed critical to an investigation.
via SEC Whistleblower Payouts Slow Amid Deluge of Reward Seekers – WSJ.
