Aug. 22, 2018
To the SEC:
I believe I am in a unique position to comment on the proposed rule changes for the SEC Whistleblower Program.
I have recently been refused an SEC Whistleblower award by the SEC Claims Review Staff.
In the aforementioned refusal, the SEC cites SEC Investigator #1 (SEC1). SEC1 states my TCR was "closed" because it failed to contain information that was "not already known" to the SEC. SEC1 reiterates this comment later in SEC1's declaration on this matter. Multiple other SEC investigators state that my TCR did not contain information that was "not already known" to the SEC.
If the SEC does not already know information contained in a TCR, that information should be considered for the purposes of an award. The SEC is holding to this standard in its private communications.
The SEC should not, after years of information have been laid on the table, arbitrarily determine that TCR information was "reasonably apparent", if they did not already know it.
The SEC encourages "timely" TCRs. "Timely" TCRs may reveal information that is "readily apparent" only after many years have passed in an SEC investigation. The SEC should reward TCR information that they do not already know, EVEN in the event that this policy is good for the public. A policy that is good for the general public may not consolidate power in large financial institutions, or the SEC and its employees, still, I believe policies that benefit the public should be considered by the SEC.
Thank you,
Terry Smith