The regulator is considering whether monetary rewards can offset the career risks of reporting fraud

Whistleblowing has been a key component in the discovery of fraud and illegality since US naval officers Samuel Shaw and Richard Marven filed a complaint against their commander in 1777, accusing him of torturing British prisoners of war.

The pair’s actions, taken at considerable personal risk, led to the suspension of the accused — Commodore Hopkins — as well as prompting Congress to pass what some have called the first US law to protect whistleblowers.

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