Investigations by the Daily Telegraph newspaper have revealed several cases of alleged fraud in English football.
"It's high time that it's been exposed," said Lennon, who left Bolton in March after 17 months as manager.
"People are taking money out of the game and it leaves a really bitter taste."
Sam Allardyce lasted 67 days as England manager, with the Telegraph filming him apparently offering undercover reporters posing as businessmen advice on how to "get around" transfer rules.
Barnsley assistant manager Tommy Wright has been sacked for allegedly accepting money in return for trying to persuade the Championship club to sign certain players.
And former Scotland striker Eric Black, the assistant manager at Southampton, is denying claims he gave undercover reporters advice on how to bribe officials at other clubs.
"It's not just managers or assistant managers, it's people that you don't see in the public eye," explained Lennon.
"These people are doing deals that they shouldn't be doing and walking away with thousands; millions of pounds at times.
"I feel a bit of sympathy for Sam, but it's time this was stopped. If you break the rules, it will eventually catch up with you.
"You hear whispers from players and managers and agents. There have been rumours for a long, long time about other people. High-profile people.
"It's these unlicensed agents that are making money through third-party ownership, doing deals with cash involved and giving the game a bad name.
"You have to look at the owners or chief executives who are speaking to these people and have been doing it for a long time."
Lennon, who managed Celtic for four years, said that he had never been approached to break regulations.
"In my time at Celtic, I spoke to agents, but when it came to negotiations, I left that to other people and I've done the same thing at both my other clubs," he told BBC Scotland.
"I'm not aware of any issues in Scotland and I've been up here for a long time.
"I'm not sure clubs could afford to pay extra money to these shadowy figures in the background."
Kilmarnock manager Lee Clark, a former Newcastle United, Sunderland and Fulham player who managed Huddersfield Town, Birmingham and Blackpool, says he is "surprised and disappointed" by the corruption scandal.
"I've never heard a thing," he told BBC Scotland. "You like to think everyone does right by the game.
"It's been a terrible week with the allegations that have been made.
"From a personal point of view, I've never been involved in anything like that or been in that situation."

Gary Firth, 50, and from Barnsley, was killed in a crash at the 11th Milestone on the TT Course, at about 13.45 BST.
The Senior race was immediately red flagged by the clerk of the course.
Firth finished 34th in the Newcomers A race earlier this week and had recorded his fastest lap of 102.282mph in the Friday's Senior race.
Organisers the Manx Motor Cycle Club said they pass on their "deepest sympathy to his family and friends".
The Coroner of Inquests has been informed and an investigation into the circumstances of the accident is under way.
Two other riders were involved in the incident but were reported as ok by organisers.
In a separate incident Alun Thomas crashed at Alpine Cottage and was taken by helicopter to hospital where he was reported to have "multiple fractures" but is in a "stable condition".
Clerk of the course Phil Taubman confirmed the race would not be rerun and the result has been declared at the end of the second lap.
It means Loughborough's Andrew Soar, who led the race after two laps (the last completed by the whole field), has been awarded the victory ahead of Michael Moulai with Rob Hodson third.
All three riders, who were contesting the lead when the race was red flagged, said their thoughts were with those involved in the earlier accidents.
Although the roads were mainly dry, riders were warned about possible damp patches at Laurel Bank, Ramsey Hairpin, Hillberry and the Nook as well as strong winds, particularly on the Mountain section of the course.
The subsequent Manx Grand Prix reunion parade has been cancelled and all roads are now open around the course.
Three riders have lost their lives at this year's Isle of Man Festival of Motorcycling, which incorporates the Classic TT and Manx Grand Prix.
Hibernian boss Neil Lennon insists there is no "bung culture" in Scottish football but says he was aware of a problem during his time in England.
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A motorcyclist from Yorkshire has been killed during the Senior Manx Grand Prix race in the Isle of Man.