A new report released by a New York law firm specializing in securities actions says that more than one third of hedge fund professionals admit they have broken the rules to get ahead. The firm, Lebaton Sucharow commissioned the anonymous online survey of 127 hedge fund professionals in order to gauge the level of wrongdoing inside hedge funds and the likelihood that hedge fund employees would report illegal activity to authorities. In the survey 28% said that if leaders of their firm learned that top earners had engaged in insider trading, the leaders would be unlikely to report the misconduct. More than half of the respondents, 54% reported that the SEC was ineffective in detecting, investigating and prosecuting securities violations. A section of the Dodd Frank financial reform law, passed in 2010 was intended to make it easier for people in the securities industry to report wrongdoing. Whistleblowers are entitled to up to 30% of the monetary sanctions and can report the information entirely anonymously without revealing their names, just through their counsel. Jeffrey Newman represents financial whistleblowers. If you know of financial wrongdoing, call him directly at 1-800-682-7157 for a free consultation.