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As part of its popular whistleblower program, the Securities and Exchange Commission promises to move swiftly on useful information about potential wrongdoing. But the agency isn’t as speedy when it comes to paying off its tipsters.
Of the 297 whistleblowers who have applied for awards since 2011, about 247—or roughly 83%—haven’t received a decision from the SEC, according to data obtained by The Wall Street Journal in response to a public-records request. Some of the award claims have been delayed more than two years.
The SEC’s whistleblower program imposes strict deadlines on claimants; at least six people have been denied an award because they didn’t submit their claims in time, according to the agency’s website. But there are no such time limits for the agency to respond to award claims.
Source: The Wall Street Journal
