The Securities and Exchange Commission has announced the payment of almost $2m to three whistleblowers.
The Wall Street rat is going to get more fat.
Seems like everywhere you turn these days, there's a whistleblower breaking their silence and blowing the whistle on some form of wrongdoing. But, surprisingly, what we don't hear much about are Wall Street whistleblowers tapping into a giant $425 million jackpot just waiting to be distributed.
BNP Paribas' $9bn settlement with U.S. authorities, aided by internal whistleblowers, has spurred calls for federal banking regulators to protect and reward individuals who report wrongdoing by banks.
The Securities and Exchange Commission has announced that three whistleblowers have been awarded more than $25,000 combined for tips and information they provided to help the SEC and Justice Department stop a sham hedge fund.
More than three quarters (77%) of whistleblowers from the financial services industry are ignored when they first raise concerns, according to research conducted by whistleblowing charity Public Concern at Work with support from law firm Slater & Gordon.
Three out of four whistleblowers who raise concerns of wrongdoing at work with their managers have their claims ignored, an analysis of cases has found.