After the Bernie Madoff scandal, the SEC created a whistleblower program that encouraged people to provide information by promising them a cut of the recovered funds.

At first, the agency was inundated with tips. But now, the number of people reporting financial fraud is dwindling. The guests on this week's episode of our weekly podcast, On The Merits, say they know why.

One problem: it's unclear how or why the SEC pays rewards to some whistleblowers but not others. And, even if you're entitled to a reward, it can take years of waiting for the agency to pay out. Bloomberg Law's John Holland speaks with whistleblower Janice Shell and whistleblower attorney Bill Singer about the problems with this program and how they can be fixed.

Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.