Whistleblower Wears Out Welcome At SEC

Source: BrokeandBroker.com

In response to the Securities and Exchange Commission's (“SEC's”) posting of Notices of Covered Action by its Office of the Whistleblower ("OWB"), it seems that one industrious individual filed claims involving 143 covered actions. Quite the prodigious number! The SEC’s Claims Review Staff (“CRS”) has evaluated the claims and, to put in mildly, those folks are not amused. In a Final Order dated May 12, 2014, this serial filer of Whistlblower claims was directed to the fine print:Rule 2 1F-8 of the Exchange Act sets forth criteria a claimant must meet to be eligible for a whistleblower award. In particular, Rule 21F-8(c)(7) states that "you are not eligible" for an award under either of two conditions: ...
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