Sunday, September 07, 2014

SEC Announces $300,000 Whistleblower Award to Audit and Compliance Professional Who Reported Company’s Wrongdoing


Whistleblower Came to SEC After Reporting Internally and Company Failed to Take Action

Washington D.C., Aug. 29, 2014 — The Securities and Exchange Commission today announced a whistleblower award of more than $300,000 to a 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.
It’s the first award for a whistleblower with an audit or compliance function at a company.

“Individuals who perform internal audit, compliance, and legal functions for companies are on the front lines in the battle against fraud and corruption. They often are privy to the very kinds of specific, timely, and credible information that can prevent an imminent fraud or stop an ongoing one,” said Sean McKessy, Chief of the SEC’s Office of the Whistleblower. “These individuals may be eligible for an SEC whistleblower award if their companies fail to take appropriate, timely action on information they first reported internally.”

See full Press Release: http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370542799812#.VAmkFPmSx8F