As many of you know, in 2010, the SEC created a whistleblower program wherein a person who “comes forward with high-quality original information that leads to a Commission enforcement action in which over $1,000,000 in sanctions is ordered” can collect a nice little payout (awards range from 10-30% of the total collected). So you can’t really blamed the unnamed man or woman who submitted 196 applications1 for awards over the last 3.5 years in an attempt to win a nice li’l finder’s fee for him/herself, but the SEC can decide to make it official policy that any future cases submitted by this person shall be used for kindling, which it did last month.

The Securities and Exchange Commission in a sharply worded notice banned an anonymous individual from its whistleblower program because this person was submitting too many meritless applications for awards. The volume of this individual’s submissions “consumed significant staff resources” of the fledgling whistleblower program, which was established by the 2010 Dodd-Frank Financial Reform act, the agency said. The “unceasing submission of baseless claims has harmed the rights of legitimate whistleblowers and hindered the Commission’s implementation of the whistleblower program…delaying the Commission’s ability to finalize meritorious awards to other claimants,” the agency said.

It’s unclear when the last straw occurred, and this person, in the eyes of the SEC staff, went from “semi-amusing eccentric trying to make a buck” to “LEAVE US ALONE YOU CRAZY BITCH,” but it may have been December 12, 2013, when he/she “submitted 21 claims for awards in a variety of cases.”

SEC Bans Would-Be Whistleblower Over Annoying Filings [Risk and Compliance]

1. Assuming the thinking here was that it’s all a numbers game, and one of them had to slip through the cracks eventually?

16 comments (hidden to protect delicate sensibilities)
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Comments (16)

  1. Posted by Quant me maybe... | June 5, 2014 at 12:36 PM


    >You just new this had to be a woman, so no need for the bitch part to emphasize the point.

    >> Go ahead and hate away bitches.

  2. Posted by Xenomorph | June 5, 2014 at 12:38 PM

    Realistically, it's more likely some back office troll or someone who doesn't even work in industry

  3. Posted by guest | June 5, 2014 at 12:46 PM

    this definitely sounds more like some stalker guy in his basement but I think "crazy bitch" just sounded better.

  4. Posted by WWI Afficionado | June 5, 2014 at 12:52 PM

    This has back office written all over it

  5. Posted by guest | June 5, 2014 at 12:54 PM

    I mean, I would hope it was someone who doesn't work in the industry, though it'd be highly amusing to find out s/he worked at, say, Goldman Sachs.

  6. Posted by Guest | June 5, 2014 at 1:02 PM

    The boy that cried, "Wolf of Wall Street."

  7. Posted by Puck It | June 5, 2014 at 1:12 PM

    I'm thinking maybe Opening Bell will be on time now that Shaz isn't allowed to carpet-bomb the SEC anymore…………..

    —guy who likes his Opening Bell before the, y'know, Opening Bell.

  8. Posted by Todd | June 5, 2014 at 1:23 PM

    No one rats out anyone in the natural gas trading business.

  9. Posted by Guest | June 5, 2014 at 1:40 PM

    Meredith Whitney?

  10. Posted by guest | June 5, 2014 at 1:55 PM

    opening bell is posted at 7am. today, yesterday, every day there's an opening bell.

    -guy who can tell time

  11. Posted by snitchesgetstitches | June 5, 2014 at 1:56 PM

    back office IT, pony tail and ron paul bumper stickers

  12. Posted by UFOinsider | June 5, 2014 at 2:05 PM

    Indeed. It would be even more amusing if said GS person was reporting on a legit scandal and the feds didn't see it.

    Considering their track record, it's totally plausible

  13. Posted by Puck It | June 5, 2014 at 2:47 PM

    Know how I know you're new here?

  14. Posted by Turnip Truck | June 5, 2014 at 3:01 PM

    The IP addresses for these submissions, strangely enough, came from a server called

  15. Posted by trader | June 5, 2014 at 4:52 PM

    back office is not a part of the industry

  16. Posted by Guest | June 5, 2014 at 9:32 PM

    Probably Harry Markopolos again, with more of his crazy stories about Enron and Madoff. It's about time they stopped listening to him.