The Securities and Exchange Commission (SEC) is awarding significantly fewer whistleblower claims than in the past, according to a new report from Bloomberg Law that noted the commission denied awards for an entire period between April and July, the longest such stretch in the history of the program.
The SEC has awarded approximately $20 million so far this year in whistleblower claims, Bloomberg Law reported, representing about a third of the $60 million awarded last year at the same time. And it’s not for a lack of claims: The publication said about 13% of all claims have been approved this year, down from about 37% over the same time last year.
The period between April and July during which the SEC did not make any awards covered at least 55 different tipsters, Bloomberg noted. ”It’s the longest drought in the history of the program, which was created by the Dodd-Frank law of 2010 to encourage tips about financial wrongdoing,” the publication wrote.
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