The Securities and Exchange Commission said Thursday it received more than 3,000 tips in the past fiscal year.
The SEC said the tips — 3,001 in all — came from all 50 states, Washington, D.C., Puerto Rico and from 49 countries. It announced the findings in a report required by the Dodd-Frank Act on the activity of the SEC’s whistleblower office, which opened its doors in August last year.
“In just its first year, the whistleblower program already has proven to be a valuable tool in helping us ferret out financial fraud,” said Mary Schapiro, the SEC chairman, in a statement. “When insiders provide us with high-quality road maps of fraudulent wrongdoing, it reduces the length of time we spend investigating and saves the agency substantial resources.”
Under the program created by the Dodd-Frank Act, whistleblowers can receive a 10% to 30% reward if they provide original information that leads to a successful enforcement case netting a penalty of $1 million or more.