The Securities and Exchange Commission’s whistleblower program still faces steep backlogs as the amount of tips explode, but it has improved at its basic task of making sure helpful tipsters get the money they deserve, an Inspector General’s audit concluded.
The report released Tuesday noted that tipsters still wait, on average, more than a year to get a final determination of awards and amounts even after their information has been used to bring fines, convictions and settlements against offending companies. That compares with an average wait of nearly four years before late 2019, the report said.
Those delays are on top of the staff’s lengthy investigations, which records show can last up to a decade.
‘Enforcement 40’ for 2020
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