WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO of Better Markets, issued the following statement on the release of a new report on the SEC Whistleblower Program:

“Corporate crime remains both rampant and difficult to uncover. However, the SEC’s whistleblower program has proven to be an incredibly effective law enforcement tool at incentivizing individuals to come forward and blow the whistle on illegal conduct that otherwise would not have been uncovered.  By any measure, the SEC’s whistleblower program has been an unbelievable success.

“The 2010 Dodd-Frank Act included a provision for the SEC to implement a program that would both incentivize and protect whistleblowers, and since its implementation, it has amassed an impressive record. The program has received nearly 83,000 tips, which has allowed it to pursue enforcement actions resulting in more than $6 billion in monetary sanctions. What makes this program all the more impressive is that it doesn’t cost taxpayers a single dime, with whistleblowers only being paid in the case of a successful prosecution and receiving their reward from the funds recovered from lawbreakers. Furthermore, through fiscal year 2022, for every $1 paid to whistleblowers, the SEC obtained $4.84 in monetary sanctions.

“Our new report outlines just how critical this program has been as a law enforcement tool, allowing the SEC to better protect investors and maintain a fair marketplace. Other agencies should take note and establish similar programs.”

You can read the report here.

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.