SEC Chairman Jay Clayton is bothered by what he says is a “mischaracterization” of an agency proposal that may make it harder for whistleblowers to secure massive awards.
The Republican-leaning Securities and Exchange Commission last year issued a plan to give itself more freedom to curtail bounties to tipsters for helping in cases that resulted in at least $100 million in penalties against a company. Whistleblower lawyers, consumer advocates, and at least one Republican senator weren’t pleased.
Tipsters earn awards that are 10% to 30% of the money from cases that yield at least $1 million in sanctions ...
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