Regulators should pay whistleblowers for information about frauds, according to an official investigating the US Securities and Exchange Commission's failure to uncover Bernard Madoff's $65bn scam.
David Kotz, SEC inspector-general, said “bounty” schemes would provide “necessary incentives” for individuals to bring complaints about possible illegal activity. There was evidence that similar programmes by the Department of Justice and the Internal Revenue Service had been effective, he said.
“Although the bounty system has been in place at the SEC for more than 20 years, there have been relatively few awards made,” he said. The current system applied only to insider trading cases and criteria for judging awards were “vague”.
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