I’m not sure if this is good news or bad news.
In August 2014 the SEC announced a modest whistleblower award of $300,000 to an unnamed company employee “who performed audit and compliance functions and reported wrongdoing to the SEC after the company failed to take action when the employee reported it internally.
There is little in this latest award to figure out the company involved. The amount of the fine assessed against the company and the percentage chosen by the SEC’s Claims Review Staff are redacted.
“This compliance officer reported misconduct after responsible management at the entity became aware of potentially impending harm to investors and failed to take steps to prevent it.” – Andrew Ceresney, Director of the SEC’s Division of Enforcement
Sources:
- SEC Announces Million-Dollar Whistleblower Award to Compliance Officer
- SEC order
- SEC Awards More than $1.4 Million to Whistleblower Compliance Officer by Samuel Rubenfeld in the WSJ.com’s Risk & Compliance Journal
- The New SEC Whistleblower Rule
