By Tom Steinert-Threlkeld - OnWallStreet.com

WASHINGTON, D.C. -- Seven tips a day are coming in from the whistleblower program, designed by the Securities and Exchange Commission to bring significant fraud cases.

Of these, two to three are “high quality,’’ said Thomas Sporkin, director of the market surveillance unit of the SEC. These often come from competitors or high-level industry executives or managers that are knowledgeable about how securities markets work.

The program was established last August, offering rewards to individuals when the prosecution or case that ensues results in penalties of at least $1 million. In such instances, the individual nets 10% to 30%.

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