$11.7 million for blowing the whistle

Even before the Dodds-Frank Act comes into play, whistleblowing can be lucrative in the United State

On Tuesday, Martha Gill revealed the new rewards enabled by the Dodds-Frank act for American whistleblowers.

As she wrote:

A change in whistle blower regulation now has employees rushing about making secret recordings and photocopying internal documents... The new law potentially offers multimillion dollar payouts for those who uncover cases of fraud...

That said, the Securities and Exchange Commission (SEC) is not exactly rushing to reward its informants.

The Dodds-Frank act has yet to pay out, but the major change it introduced was the ease with which whistleblowers could get paid, rather than the concept of paying whistleblowers per se. America has a longstanding tradition of financial rewards to those prepared to go through the arduous process of revealing an employer's illegal actions, and on Wednesday, two Georgia mortgage brokers, Victor Bibby and Brian Donnelly, received $11.7m for doing just that.

Reuters reports:

The pair, who worked for U.S. Financial Services Inc, a mortgage brokerage firm in Alpharetta, Georgia, said they became suspicious when lenders told them not to show an amount charged for attorneys fees on loan documents, but instead add the sum to the charge shown for "title examination fee."

After lenders ignored their concerns, Bibby and Donnelly hired an attorney and filed a whistleblower suit.

In the end, the information they supplied was instrumental in forcing JP Morgan to pay a $45m settlement to the government, of which the pair - and their attorneys - received 26 per cent. The case was one of five settlements instituted by whistleblowers which came to light this week, for a combined payout of $227m.

They had to work hard for their money, however, and it is this disincentive which the SEC will be hoping to remove:

The suit remained under seal to give the government time to investigate. Bibby and Donnelly had to keep mum for more than five years and try to find ways to avoid charging the hidden fees.

"For both our families being hushed for such a long time and holding this inside was unbearable," Donnelly said in an interview. "It puts a lot of stress on you."

Being able to get the payout without the five years of living a lie could indeed markedly increase the number of tips. The next concern will be weeding the cranks from the pile.

Referee Mark Clattenburg blows his whistle, ending some football. Credit:Getty

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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The footie is back. Three weeks in and what have we learned so far?

Barcleys, boots and big names... the Prem is back.

Another season, another reason for making whoopee cushions and giving them to Spurs fans to cheer them up during the long winter afternoons ahead. What have we learned so far?

Big names are vital. Just ask the manager of the Man United shop. The arrival of Schneiderlin and Schweinsteiger has done wonders for the sale of repro tops and they’ve run out of letters. Benedict Cumberbatch, please join Carlisle United. They’re desperate for some extra income.

Beards are still in. The whole Prem is bristling with them, the skinniest, weediest player convinced he’s Andrea Pirlo. Even my young friend and neighbour Ed Miliband has grown a beard, according to his holiday snaps. Sign him.

Boots Not always had my best specs on, but here and abroad I detect a new form of bootee creeping in – slightly higher on the ankle, not heavy-plated as in the old days but very light, probably made from the bums of newborn babies.

Barclays Still driving me mad. Now it’s screaming from the perimeter boards that it’s “Championing the true Spirit of the Game”. What the hell does that mean? Thank God this is its last season as proud sponsor of the Prem.

Pitches Some groundsmen have clearly been on the weeds. How else can you explain the Stoke pitch suddenly having concentric circles, while Southampton and Portsmouth have acquired tartan stripes? Go easy on the mowers, chaps. Footballers find it hard enough to pass in straight lines.

Strips Have you seen the Everton third kit top? Like a cheap market-stall T-shirt, but the colour, my dears, the colour is gorgeous – it’s Thames green. Yes, the very same we painted our front door back in the Seventies. The whole street copied, then le toot middle classes everywhere.

Scott Spedding Which international team do you think he plays for? I switched on the telly to find it was rugby, heard his name and thought, goodo, must be Scotland, come on, Scotland. Turned out to be the England-France game. Hmm, must be a member of that famous Cumbrian family, the Speddings from Mirehouse, where Tennyson imagined King Arthur’s Excalibur coming out the lake. Blow me, Scott Spedding turns out to be a Frenchman. Though he only acquired French citizenship last year, having been born and bred in South Africa. What’s in a name, eh?

Footballers are just so last season. Wayne Rooney and Harry Kane can’t score. The really good ones won’t come here – all we get is the crocks, the elderly, the bench-warmers, yet still we look to them to be our saviour. Oh my God, let’s hope we sign Falcao, he’s a genius, will make all the difference, so prayed all the Man United fans. Hold on: Chelsea fans. I’ve forgotten now where he went. They seek him here, they seek him there, is he alive or on the stairs, who feckin’ cares?

John Stones of Everton – brilliant season so far, now he is a genius, the solution to all of Chelsea’s problems, the heir to John Terry, captain of England for decades. Once he gets out of short trousers and learns to tie his own laces . . .

Managers are the real interest. So refreshing to have three young British managers in the Prem – Alex Neil at Norwich (34), Eddie Howe at Bournemouth (37) and that old hand at Swansea, Garry Monk, (36). Young Master Howe looks like a ball boy. Or a tea boy.

Mourinho is, of course, the main attraction. He has given us the best start to any of his seasons on this planet. Can you ever take your eyes off him? That handsome hooded look, that sarcastic sneer, the imperious hand in the air – and in his hair – all those languages, he’s so clearly brilliant, and yet, like many clever people, often lacking in common sense. How could he come down so heavily on Eva Carneiro, his Chelsea doctor? Just because you’re losing? Yes, José has been the best fun so far – plus Chelsea’s poor start. God, please don’t let him fall out with Abramovich. José, we need you.

Hunter Davies is a journalist, broadcaster and profilic author perhaps best known for writing about the Beatles. He is an ardent Tottenham fan and writes a regular column on football for the New Statesman.

This article first appeared in the 27 August 2015 issue of the New Statesman, Isis and the new barbarism