As Bernard Madoff was planning his guilty plea in a history-making fraud case, Securities and Exchange Commission Chairman Mary. L. Schapiro announced that the SEC is considering offering cash rewards to whistleblowers who expose financial wrongdoing, according to a March 12, 2009 Washington Times article. The practice of offering cash bounties to securities fraud whistleblowers would be similar to financial rewards given to people who help to expose insider-trading. Having this power, Schapiro said in the article, would enable the SEC to pursue cases more aggressively.
For the full article, go to: http://washingtontimes.com/news/2009/mar/12/sec-considers-cash-bounties-to-whistleblowers/. and for more info on ARRA HITECH ACT.
For more about qui tam whistleblower law, contact Nolan and Auerbach, PA.