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This is news to me, are there famous examples? Otherwise I am not sure, if money is the solution to everything, as it could create incentive to create problems

This is news to me, are there famous examples? Otherwise I am not sure, if money is the solution to everything, as it could create incentive to create problems or make them worse, only to eventually receive a bigger part of the fines.

djcannabiz 4y ago
I know there is a program in the SEC that gives whistleblowers a cut of the fines https://www.sec.gov/news/press-release/2022-151 https://www.sec.gov/news/press-release/2022-151 one example: https://www.sec.gov/news/press-release/2022-211 https://www.sec.gov/news/press-release/2022-211
barbazoo 4y ago
Good point!!!
AlbertCory 4y ago
I'm afraid I can't cite them to you, but as I recall, some whistleblowers have received gigantic sums of money, and some have been denied. You really can't count on a windfall, and if it comes, it might be years later. Whether the denials were justified or not -- can't say.
imajoredinecon 4y ago
Googling "largest whistleblower reward" turns up a $114 million reward and a $200 million reward. > create problems or make them worse Personally, I'd hope that the sophistication of the regulators involved, and the liable parties' lawyers---if you're doing something bad enough to be liable for billions of dollars in fines, you can afford good lawyers---would be a good guard against whistleblowers' trying to game the system.
dedev5 4y ago
There are some articles from march 2022 saying that payouts had reached 1.1$ Billion.
Brybry 4y ago
There is the False Claims Act[1] and it has been used to fight corruption in the hospice care industry but it does not seem to have really stopped it[2]. [1] https://en.wikipedia.org/wiki/False_Claims_Act https://en.wikipedia.org/wiki/False_Claims_Act [2] https://www.newyorker.com/magazine/2022/12/05/how-hospice-became-a-for-profit-hustle https://www.newyorker.com/magazine/2022/12/05/how-hospice-be...

djcannabiz 4y ago

I know there is a program in the SEC that gives whistleblowers a cut of the fines https://www.sec.gov/news/press-release/2022-151 https://www.sec.gov/news/press-release/2022-151 one example: https://www.sec.gov/news/press-release/2022-211 https://www.sec.gov/news/press-release/2022-211

barbazoo 4y ago

Good point!!!

AlbertCory 4y ago

I'm afraid I can't cite them to you, but as I recall, some whistleblowers have received gigantic sums of money, and some have been denied. You really can't count on a windfall, and if it comes, it might be years later. Whether the denials were justified or not -- can't say.

imajoredinecon 4y ago

Googling "largest whistleblower reward" turns up a $114 million reward and a $200 million reward. > create problems or make them worse Personally, I'd hope that the sophistication of the regulators involved, and the liable parties' lawyers---if you're doing something bad enough to be liable for billions of dollars in fines, you can afford good lawyers---would be a good guard against whistleblowers' trying to game the system.

dedev5 4y ago

There are some articles from march 2022 saying that payouts had reached 1.1$ Billion.

Brybry 4y ago

There is the False Claims Act[1] and it has been used to fight corruption in the hospice care industry but it does not seem to have really stopped it[2]. [1] https://en.wikipedia.org/wiki/False_Claims_Act https://en.wikipedia.org/wiki/False_Claims_Act [2] https://www.newyorker.com/magazine/2022/12/05/how-hospice-became-a-for-profit-hustle https://www.newyorker.com/magazine/2022/12/05/how-hospice-be...