Via PaperTrail.
Watkins said that she did not believe that the SEC is capable of evaluating and acting on valid tips that involve complicated financial maneuverings. The fallout from ignoring whistleblower Harry Markopoulos, who repeatedly warned the SEC of Bernie Madoff’s multi-billion-dollar Ponzi scheme, but was ignored, still haunts the agency, Watkins said.
“The perception is that you wouldn’t be listened to” by the SEC, she said during a panel discussion about whistleblowers held by the New York State Society of Public Accountants.
Under the Dodd-Frank law, company employees who provide information about suspected fraud to the SEC will get a bounty if the tip leads to a payout of more than $1 million. Whistleblowers are then entitled to 10 to 30 percent of the payout.
No comments:
Post a Comment