Whistleblowing is Paying Off

The WSJ reported this week that the SEC has handed out it's second ever Dodd-Frank award for whistleblowing. the article says that the SEC expects more awards in the future. Here's a quote...

Online Application Fees

As global trade increases, fraudsters are presented with new opportunities to make money.  The influx of international students to US institutions of higher education has apparently created one such opportunity to commit fraud.  Want to create a fake school to scam international students out of application fees?  Simple--copy an existing school's web site, change the name of the institution and some other minor details, promote your school on international forums and blogs, and sit back and watch the application fees roll in.  Finally, send applicants a rejection letter/email after a few weeks and your bank account has suddenly gotten bigger with little concern that your victims will ever know they were scammed.