_____________________________________ 

Annual Report on Whistleblower Program 

As Required by Section 21F(g)(5) of 

the Securities Exchange Act of 1934 

This is a Report of the Staff of the 

U.S. Securities and Exchange Commission 

October 2010 
ANNUAL REPORT ON WHISTLEBLOWER PROGRAM 

As Required by Section 21F(g)(5) 

of the Securities Exchange Act of 1934 

I. INTRODUCTION 

The staff of the U.S. Securities and Exchange Commission (“Commission”) is providing 

this report pursuant to Section 21F(g)(5) of the Securities Exchange Act of 1934, 15 U.S.C. 78a 

et seq. (“Exchange Act”). Section 922 of the Dodd-Frank Wall Street Reform and Consumer 

Protection Act (“the Dodd-Frank Act”) amended the Exchange Act by adding Section 21F, 

entitled “Securities Whistleblower Incentives and Protection.” Among other things, Section 21F 

establishes a whistleblower program that requires the Commission to pay an award, under 

regulations prescribed by the Commission and subject to certain limitations, to eligible 

whistleblowers who voluntarily provide the Commission with original information about a 

violation of the federal securities laws that leads to the successful enforcement of a covered 

judicial or administrative action, or a related action. 

Section 21F(g)(5) requires the Commission to submit an annual report to the Committee 

on Banking, Housing and Urban Affairs of the Senate and the Committee on Financial Services 

of the House of Representatives on the whistleblower award program, including: 

•	 A description of the number of awards granted and the 

types of cases in which the awards were granted during the 

preceding fiscal year; 

•	 The balance of the Securities and Exchange Commission 

Investor Protection Fund (“Fund”) at the beginning of the 

preceding fiscal year; 

•	 The amounts deposited into or credited to the Fund during 

the preceding fiscal year; 

•	 The amount of earnings on investments made under Section 

21F(g)(4) during the preceding fiscal year; 

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•	 The amount paid from the Fund during the preceding fiscal 

year to whistleblowers pursuant to Section 21F(b); 

•	 The balance of the Fund at the end of the preceding fiscal 

 year; and 

•	 A complete set of audited financial statements, including a 

balance sheet, income statement and cash flow analysis. 

This report covers the period July 22, 2010 (the effective date of The Dodd-Frank Act) through 

September 30, 2010.1 

As part of the Dodd-Frank Act, Congress substantially expanded the Commission’s 

authority to pay whistleblower awards and enhanced the anti-retaliation protections available to 

whistleblowers. Section 922 of the Dodd-Frank Act added new Section 21F to the Exchange 

Act.”2

 Under new Section 21F, the Commission must pay awards, in the aggregate amount of at 

least 10 but not more than 30 percent to eligible whistleblowers who voluntarily provide the 

Commission with original information about a violation of the securities laws that leads to 

successful enforcement of an action brought by the Commission that results in monetary 

sanctions exceeding $1,000,000, and of certain related actions. The awards amounts are based 

on the monetary sanctions actually collected in the Commission action or related action. The 

legislative history states that the purpose of this provision was to elicit high-quality tips by 

motivating persons with inside knowledge “to come forward and assist the Government to 

identify and prosecute persons who have violated the securities laws . . . .”).3 

1 Section 924(d) of the Dodd-Frank Act separately requires the Commission’s Whistleblower Office to report 

annually to Congress on its activities, whistleblower complaints and the response of the Commission to such 

complaints. As described below, the Commission is still in the process of establishing and staffing the 

Whistleblower Office. Accordingly, no separate report from that Office will be provided for fiscal year 2010. The 

first annual report by the Whistleblower Office will be provided following fiscal year 2011. 

2

 Pub. L. No. 111-203, § 922(a), 124 Stat 1841 (2010). 

3 See S. Rep. No. 111-176 at 110 (2010). 

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II. IMPLEMENTATION OF THE WHISTLEBLOWER AWARD 

PROGRAM 

A. Commission Regulations 

Section 21F(b) of the Exchange Act provides that whistleblower awards shall be paid 

under regulations prescribed by the Commission. Thus, an important prerequisite to 

implementation of the whistleblower award program is the issuance of rules and regulations 

describing its scope and procedures. Section 924(a) of the Dodd-Frank Act requires the final 

implementing regulations to be issued within 270 days of the Act’s enactment (i.e., by April 21, 

2011). 

The Commission has formed a cross-disciplinary working group that is in the process of 

drafting proposed rules to implement the whistleblower provisions of the Dodd-Frank Act. 

During this process, even before beginning notice-and-comment rulemaking regarding the 

implementing rules, the Commission has been soliciting comments from the public about the 

whistleblower award program on its website and through staff meetings.4 

B. Establishment of Whistleblower Office 

Section 924(a) of the Dodd-Frank Act directs the Commission to establish a separate 

office within the Commission to administer and enforce the provisions of Section 21F of the 

Exchange Act. The Commission’s Division of Enforcement is in the process of establishing a 

Whistleblower Office. The Commission posted a vacancy announcement for a Senior Officer to 

serve as head of the office and is in the process of evaluating applicants, with a selection 

expected in the near future. Staffing of the Office will proceed after the Office head is selected. 

C. Complaints and Awards 

Sections 21F(g)(5)(A)(i) and (ii) of the Exchange Act provide that the report to Congress 

shall include a description of the number of whistleblower awards granted and the types of cases 

See http://www.sec.gov/spotlight/regreformcomments.shtml. 

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in which the awards were granted during the preceding fiscal year. Although the Commission 

has received tips and complaints from potential whistleblowers following the effective date of 

the Dodd-Frank Act, the predicate for an award to any whistleblower (in addition to compliance 

with the Commission’s implementing regulations) is that the information provided by the 

whistleblower led to the successful enforcement by the Commission of an action resulting in the 

imposition of more than $1 million in monetary sanctions. See Exchange Act §21F(b)(1). As of 

September 30, 2010, the Commission had not completed any actions based on information 

provided by a whistleblower after enactment of the Dodd-Frank Act resulting in the imposition 

of monetary sanctions exceeding $1 million. Accordingly, the Commission did not pay any 

whistleblower awards pursuant to Section 21F of the Exchange Act during the two months of 

fiscal year 2010 in which the statute was in effect. 

III.	 SECURITIES AND EXCHANGE COMMISSION INVESTOR 

 PROTECTION FUND 

Section 922 of the Dodd-Frank Act established the Securities and Exchange Commission 

Investor Protection Fund (“Fund”) to provide funding for the Commission’s whistleblower 

award program, including the payment of awards in related actions. See Exchange Act 

§21F(g)(2)(A). In addition, the Fund will be used to finance the operations of the SEC Office of 

the Inspector General’s suggestion program. See Exchange Act §21F(g)(2)(B).5 The suggestion 

program is intended for the receipt of suggestions by SEC employees for improvements in the 

work efficiency, effectiveness, and productivity, and the use of the resources at the SEC as well 

as allegations by SEC employees of waste, abuse, misconduct, or mismanagement within the 

SEC. See Exchange Act §4D(a). 

5

 Section 21F(g)(2)(B) provides that the Fund shall be available to the Commission for “funding the activities of the 

Inspector General of the Commission under section 4(i).” The Office of the General Counsel has interpreted section 

21F(g)(2)(B) to refer to Section 4D of the Exchange Act, which establishes the Inspector General’s suggestion 

program. Subsection (e) of that section provides that the “activities of the Inspector General under this subsection 

shall be funded by the Securities and Exchange Commission Investor Protection Fund established under section 

21F.” 

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As of September 30, 2010, the Fund was fully funded, with an ending balance of 

$451,909,854.07: 

FY 2010 FY 2009 

Balance of Fund at beginning of 

preceding fiscal year $0.00 $0.00 

Amounts deposited into or credited to 

Fund during preceding fiscal year $451,909,854.07 $0.00 

Amount of earnings on investments 

during preceding fiscal year $0.00 $0.00 

Amount paid from Fund during preceding 

fiscal year to whistleblowers $0.00 $0.00 

Balance of Fund at end of the preceding 

fiscal year $451,909,854.07 $0.00 

Attached as an Appendix to this report are the audited financial statements for the Fund, 

including a balance sheet, income statement and cash flow analysis. 

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U.S. Securities and Exchange Commission 

Investor Protection Fund 

Fiscal Year 2010 

Report to Congress: Financials 
U.S. Securities and Exchange Commission 

Investor Protection Fund Report to Congress: Financials 

Table of Contents 

Financial Statements ....................................................................................................................... 2
 

Notes to Financial Statements......................................................................................................... 4
 

Auditor’s Opinion in Financial Statements..................................................................................... 9
 

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U.S. Securities and Exchange Commission 

Investor Protection Fund Report to Congress: Financials 

Financial Statements 

U.S. Securities and Exchange Commission 

Investor Protection Fund 

Balance Sheet 

As of September 30, 2010 

(DOLLARS IN THOUSANDS) FY 2010 

ASSETS: 

Intragovernmental: 

Fund Balance with Treasury (Note 2) 

Total Asse ts 

$ 

$ 

451,910 

451,910 

LIAB ILITIES AND NET POSITION: 

Cumulative Results of Operations - Earmarked Funds 

Total Liabilitie s and Ne t Pos ition $ 

451,910 

451,910 

The accompanying notes are an integral part of these financial statements. 

U.S. Securities and Exchange Commission 

Investor Protection Fund 

Statement of Changes in Net Position 

For the year ended September 30, 2010 

(DOLLARS IN THOUSANDS) FY 2010 

EARM ARKED FUNDS: 

CUM ULATIVE RESULTS OF OPERATIONS: 

Budge tary Financing Source s: 

Non-Exchange Revenue 

Cumulative Re sults of Ope rations 

$ 451,910 

451,910 

Ne t Position, End of Pe riod $ 451,910 

The accompanying notes are an integral part of these financial statements. 

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U.S. Securities and Exchange Commission 

Investor Protection Fund Report to Congress: Financials 

U.S. Securities and Exchange Commission 

Investor Protection Fund 

Statement of Budgetary Resources 

For the year ended September 30, 2010 

(DOLLARS IN THOUSANDS) FY 2010 

B UDGETARY RESOURCES: 

Budget Authority: 

Appropriation 

Total Budge tary Re source s 

$ 

$ 

451,910 

451,910 

STATUS OF B UDGETARY RESOURCES: 

Unobligated Balance Not Available 

Total Status of B udge tary Re source s $ 

451,910 

451,910 

The accompanying notes are an integral part of these financial statements. 

U.S. Securities and Exchange Commission 

Investor Protection Fund 

Cash Flow Analysis 

For the year ended September 30, 2010 

(DOLLARS IN THOUSANDS) FY 2010 

CASH FLOWS FROM FINANCING ACTIVITIES: 

Transfers In (From Disgorgement and Penalties) 

Ne t cash provide d by financing activitie s 

$ 451,910 

451,910 

Ne t incre as e in cash 

Cash, end of year $ 

451,910 

451,910 

The accompanying notes are an integral part of these financial statements. 

3 
U.S. Securities and Exchange Commission 

Investor Protection Fund Report to Congress: Financials 

Notes to Financial Statements 

NOTE 1. Summary of Significant Accounting Policies 

A. Reporting Structure 

The United States Securities and Exchange Commission (“SEC”) is an independent agency of the United 

States Government established pursuant to the Securities Exchange Act of 1934 (“Exchange Act”), 

charged with regulating this country’s capital markets. The SEC’s mission is to protect investors; 

maintain fair, orderly, and efficient securities markets; and facilitate capital formation. The agency’s 

programs protect investors and promote the public interest by fostering and enforcing compliance with the 

federal securities laws, establishing an effective regulatory environment, and facilitating access to the 

information investors need to make informed investment decisions. 

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“the Dodd-Frank Act”), signed into 

law on July 21, 2010, established the Securities and Exchange Commission Investor Protection Fund 

(“Investor Protection Fund”). Among other things, the Dodd-Frank Act amended the Exchange Act by 

adding Section 21F, entitled “Securities Whistleblower Incentives and Protections” and Section 4D, 

entitled “Additional Duties of the Inspector General.” The Investor Protection Fund provides funding for 

a whistleblower award program pursuant to which eligible persons can receive award payments, under 

regulations prescribed by the Commission and subject to certain limitations, if they voluntarily provide 

original information to the SEC that leads to successful enforcement by the SEC of a judicial or 

administrative action in which monetary sanctions exceeding $1 million are imposed. The Investor 

Protection Fund will also be used to pay awards in related actions that are based upon the original 

information provided by the whistleblower that leads to the successful enforcement of the SEC action. 

Whistleblowers will receive between 10 and 30 percent of the actual monetary sanctions collected in the 

covered action or related action. In addition, the Investor Protection Fund will be used to finance the 

operations of the SEC Office of the Inspector General’s suggestion program. The suggestion program is 

intended for the receipt of suggestions by SEC employees for improvements in the work efficiency, 

effectiveness, and productivity, and the use of the resources at the SEC as well as allegations by SEC 

employees of waste, abuse, misconduct, or mismanagement within the SEC. 

B. Basis of Presentation and Accounting 

The accompanying financial statements present the financial position of the Investor Protection Fund as 

required by Exchange Act Section 21F(g)(5). The Act requires a complete set of financial statements that 

includes a Balance Sheet, Income Statement, and Cash Flow Analysis. The SEC’s books and records 

serve as the source of the information presented in the accompanying financial statements. The agency 

classified assets, liabilities, revenues, and costs in these financial statements according to the type of 

entity associated with the transactions. Intragovernmental assets and liabilities are those due from or to 

other federal entities, including those activities within the SEC. 

The Investor Protection Fund financial statements have been prepared on the accrual basis of accounting, 

in conformity with U.S. Generally Accepted Accounting Principles (GAAP) for the Federal Government. 

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U.S. Securities and Exchange Commission 

Investor Protection Fund Report to Congress: Financials 

Accordingly, revenues are recognized when earned and expenses are recognized when incurred, without 

regard to the receipt or payment of cash. The Investor Protection Fund was established in July 2010 and 

funded by transfers from SEC’s Disgorgement and Penalty Amounts Held for Investors (Treasury 

Account Fund Symbol 50X6563) deposit account. These transfers do not meet the criteria of reportable 

revenue on the Income Statement as defined in the Statement of Financial Accounting Concepts Number 

5 “Recognition and Measurement in Financial Statements of Business Enterprises,” or Statement of 

Federal Financial Accounting Standards (SFFAS) Number 7, “Accounting for Revenue and Other 

Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting.” Additionally, 

from the date the Investor Protection Fund was established through September 30, 2010, no fund-related 

revenue or expense transactions occurred, and there were no balances to report for the Income Statement 

for the Investor Protection Fund. Accordingly, an Income Statement was not prepared. Since this is the 

first reporting year of the Investor Protection Fund, no prior year information was available to produce 

comparative financial statements. 

C. Use of Estimates 

The preparation of financial statements in conformity with GAAP requires management to make 

estimates and assumptions that affect the reported amounts of assets and liabilities. These estimates and 

assumptions include the disclosure of contingent assets and liabilities at the date of the financial 

statements, and the reported amounts of revenues and expenses during the reporting period. Actual 

results may differ from those estimates. 

D. Intra- and Inter-Agency Relationships 

The SEC is comprised of a single federal bureau. The Investor Protection Fund is a fund within the SEC, 

and these financial statements present a segment of the SEC financial activity. These financial statements 

include activity with other SEC components. When the SEC prepares its annual consolidated financial 

statements, the financial events of the Investor Protection Fund will be consolidated into the overall SEC 

financial statements. Whistleblower payments may be made from the Investor Protection Fund as a result 

of monetary sanctions paid to other agencies in related actions. In those instances, the SEC remains liable 

for paying the whistleblower. 

E. Earmarked Funds 

Earmarked funds are financed by specifically identified revenues, often supplemented by other financing 

sources, which remain available over time. The SEC collects such funds which the SEC is required to use 

for designated activities, benefits or purposes, and to account for separately from the Government’s 

general revenues. All funds maintained by the Investor Protection Fund are considered earmarked funds. 

F. Entity Assets 

Assets that an agency is authorized to use in its operations are entity assets. The SEC is authorized to use 

all funds in the Investor Protection Fund for its operations. Accordingly, all assets are recorded as entity 

assets. 

5 
 

U.S. Securities and Exchange Commission 

Investor Protection Fund Report to Congress: Financials 

G. Fund Balance with Treasury 

The SEC conducts all of its banking activity in accordance with directives issued by the United States 

Department of the Treasury’s (“Treasury”) Financial Management Service (“FMS”). Treasury processes 

all disbursements made by the SEC. Fund Balance with Treasury represents the aggregate amount of 

funds on deposit with Treasury. 

H. Investments 

As of September 30, 2010, there are no investments made from the Investor Protection Fund. The SEC 

plans to invest the Investor Protection Funds in short-term Treasury securities, whenever practicable. As 

the funds are collected, the SEC will hold them in a special receipt fund account and may invest them in 

overnight and short-term market-based Treasury bills through a facility provided by the Bureau of the 

Public Debt (“BPD”), pending their distribution. The interest earned on the investments is a component 

of the SEC fund balance and available to be used for expenses of the Investor Protection Fund. The SEC 

is working with BPD in establishing an account and process to invest these funds in FY 2011. 

I. Liabilities 

The SEC records liabilities for amounts likely to be paid as a result of events that have occurred as of the 

relevant balance sheet date. The Investor Protection Fund liabilities will consist of payables to 

whistleblowers and reimbursable expenses that the Inspector General incurs to operate the suggestion 

program. As of September 30, 2010, there are no liabilities related to the Investor Protection Fund. 

J. Revenue and Other Financing Sources 

The Investor Protection Fund will support payments to whistleblowers under Section 21F of the 

Exchange Act and reimburse expenses of the SEC Office of the Inspector General’s employee suggestion 

program. The Investor Protection Fund will be financed by receiving a portion of monetary sanctions 

collected by the SEC in judicial or administrative actions brought by the SEC under the securities laws 

that are not added to the disgorgement fund or other fund under section 308 of the Sarbanes-Oxley Act of 

2002 (15 U.S.C. 7246) or otherwise distributed to victims of a violation of the securities laws. These 

funds are considered financing sources. No sanction collected by the Commission can be deposited into 

the fund if its balance exceeds $300 million. The SEC may request the Secretary of the Treasury to invest 

Investor Protection Fund amounts in Treasury obligations. While collections were made into this new 

fund in FY 2010, payments to whistleblowers will not be made until the SEC establishes appropriate rules 

and regulations necessary to implement the provisions of the law. 

K. Limitations of the Financial Statements 

The principal financial statements included in this report have been prepared to report the financial 

position and results of operations of the Investor Protection Fund, pursuant to the requirements of 

Exchange Act Section 21F(g)(5). While the statements have been prepared from the books and records of 

the SEC in accordance with GAAP for federal entities, the statements are in addition to the reports used to 

monitor and control the financial activity of the SEC, which are prepared from the same books and 

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U.S. Securities and Exchange Commission 

Investor Protection Fund Report to Congress: Financials 

records. The statements should be read with the understanding that they are for the Investor Protection 

Fund (TAFS 50X5567), a single fund within the SEC. 

NOTE 2. Fund Balance with Treasury 

FBWT by type of fund as of September 30, are as follows: 

(DOLLARS IN THOUSANDS) 

Fund B alance s : 

Special Fund 

Total Fund B alance with Tre asury 

$ 

FY 2010 

451,910 

451,910 

Status of Fund Balance with Tre asury: 

Unobligated Balance 

Unavailable 

Total Fund Balance with Tre asury $ 

451,910 

451,910 

NOTE 3. Commitments and Contingencies 

A. Commitments 

As mentioned in Note 1.A. Reporting Structure, the Investor Protection Fund will be used to pay awards 

to whistleblowers if they voluntarily provide original information to the SEC that leads to the successful 

enforcement by the SEC of a covered judicial or administrative action in which monetary sanctions 

exceeding $1 million are imposed. The legislation allows whistleblowers to receive between 10 and 30 

percent of the monetary sanctions collected in the covered action or in a related action, with the actual 

percentage being determined at the discretion of the SEC using criteria provided in the legislation. The 

statutory criteria require the SEC to consider the significance of the information to the success of the 

covered judicial or administrative action, the degree of assistance provided by the whistleblower and any 

legal representative of the whistleblower in a covered judicial or administrative action, the programmatic 

interest of the SEC in deterring violations of the securities laws by making awards to whistleblowers who 

provide information that lead to the successful enforcement of such laws, and such additional relevant 

factors as the Commission may establish by rule or regulation. Section 924(a) of the Dodd-Frank Act 

requires the SEC to issue regulations to implement the program by April 2011. Among other things, 

these regulations will delineate eligibility for a whistleblower award and the procedures for applying for 

an award in SEC actions and related actions. All potential whistleblowers, including those submitting 

information before adoption of the SEC regulation, will be required to comply with the procedures 

specified in the regulation in order to be eligible for an award. The SEC will not pay whistleblower 

claims until the final regulations are adopted by the Commission. 

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U.S. Securities and Exchange Commission 

Investor Protection Fund Report to Congress: Financials 

As of September 30, 2010, there are no submitted claims against the Investor Protection Fund, and the 

SEC has not recognized any liabilities associated with the fund. 

B. Contingencies 

The SEC recognizes contingent liabilities when a past event or exchange transaction has occurred, a 

future outflow or other sacrifice of resources is probable, and the future outflow or sacrifice of resources 

is measurable. The SEC is party to various routine administrative proceedings, legal actions, and claims 

brought against it, including threatened or pending litigation involving labor relations claims, some of 

which may ultimately result in settlements or decisions against the Federal Government. The SEC has 

not recognized a contingent liability in regards to potential whistleblower claims because they cannot be 

reasonably estimated as required for recognition in accordance with SFFAS 5, “Accounting for Liabilities 

of the Federal Government” as amended by SFFAS 12, “Recognition of Contingent Liabilities Arising 

from Litigation: An Amendment of SFFAS 5, Accounting for Liabilities of the Federal Government.” 

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U.S. Securities and Exchange Commission 

Investor Protection Fund Report to Congress: Financials 

Auditor’s Opinion in Financial Statements 

See attached. 

9 
UNITED STATES
 

SECURITIES AND EXCHANGE COMMISSION
 

WASHINGTON, D.C. 20549
 

OFFICE OF 

INSPECTOR GENERAL 

October 26, 2010· 

Opinion on the Investor Protection Fund's Financial Statements 

The Honorable Mary Schapiro
 

Chairman
 

U.S. Securities and Exchange Commission 

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) was signed into law 

on July 21, 2010 and established the u.S. Securities and Exchange Commission's (SEC or 

Commission) Investor Protection Fund. The Act added Section 21F, entitled "Securities 

Whistleblower Incentives and Protections" to the Securities Exchange Act of 1934. Section 21F 

requires the SEC to establish a whistleblower award program pursuant to which eligible persons 

may receive award payments, under regulations prescribed by the Commission and subject to 

certain limitations, ifthey voluntarily provide original information to the SEC that led to 

successful enforcement by the SEC, of a covered judicial or administrative action or a related 

action. 

We have audited the accompanying balance sheet ofthe Investor Protection Fund as of 

September 30, 2010, and the related statement of changes in net position, budgetary resources 

and cash flow analysis for the year then ended. These financial statements are the responsibility 

ofthe Commission's management. Our responsibility is to express an opinion on the Investor 

Protection Fund's financial statements based on our audit. 

We conducted our audit in accordance with the generally accepted government auditing 

standards. Those standards require that we plan and perform the audit to obtain reasonable 

assurance about whether the financial statements are free of material misstatement. An audit 

includes consideration ofinternal control over financial reporting as a basis for designing audit 

procedures that are appropriate in the circumstances, but not for the purpose of expressing an 

opinion on the effectiveness ofthe Commission's internal control over financial reporting. The 

U.S. Government Accountability Office (GAO) is performing an audit ofthe Commission's 

consolidated financial statements as of and for the year ended September 30, 2010 which will 

include an opinion on the Commission's internal control over financial reporting. We relied on 

the GAO's work on the Commission's internal control over financial reporting as the Investor 

Protection Fund's financial reporting is part ofthe Commission's overall financial reporting and 

the Investor Protection Fund will be included in the Commission's consolidated financial 

statements. We also relied on a contractor's audit ofinternal controls ofthe Investor Protection 

Fund's financial reporting process, covering the period from July 22, 2010 to September 30, 

2010. We believe that our audit provides a reasonable basis for our opinion. 
In our opinion, the Investor Protection Fund's financial statements, assets, liabilities, net 

position, the changes in net position, budgetary resources and cash flow analysis, and the 

accompanying notes for the year ended September 30, 2010, are presented fairly, in all material 

respects, in conformity with U.S. generally accepted accounting principles. 

~~H. David Kotz
 

Inspector General
 

Office of Inspector General
 

U.S. Securities and Exchange Commission 

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