July 28, 2018
The proposed amendment to include any eligible reports leading to a arrangements to collect money from offenders by the commission is a step in the right direction. As it stands now the whistle blower law of the SEC only pay monetary awards to eligible reports that leads to monetary sanctions exceeding $1,000,000. In this kind of situation, people may not be interested in reporting actions of illegal financial activities which they assume to be less than $1,000,000. This still leave more room for people to take advantage of other people especially the middle class and the poor whose investments are not up to $1,000,000. The new proposal will bring more protection consumers in the financial industry.