If you knew your company was doing something wrong, would you be a whistleblower?
A new survey conducted on behalf of the law firm Labaton Sucharow finds that most people would be willing to report their companies’ bad behavior — if they could do it anonymously and without fear of retribution, and get a financial reward.
In August, the Securities and Exchange Commission launched a new whistleblower program that offers financial rewards to people who provide information about securities law violations that leads to enforcement actions.
The whistleblowers are eligible to receive between 10 and 30 percent of the money collected.
The program also allows people to submit tips anonymously, through a lawyer, and prohibits retaliation against employees who tattle on their employers.
The Labaton Sucharow survey found that nearly 8 in 10 people said they would blow the whistle with those safeguards, and that potential for a payout.
However, it also found that about seven in 10 people don’t know about the SEC program.
Apparently, this isn't a theoretical question for everyone. About one-third of those surveyed said they do know of misconduct at their company.
The whistleblower program was launched as part of the Dodd-Frank financial reform act, passed in the wake of the 2008 financial crisis.