The Securities and Exchange Commissions Office of the Whistleblower, established in 2011, recently awarded a record $14 million to a whistleblower. The program awards 10 to 30 percent of fines collected in a case to whistblower(s) who provides high quality, original information that results in an enforcement action exceeding $1 million. According the the SEC, this recent case shows that whistle blowers are coming forward and assisting the SEC in stopping fraud and potential harm to investors. The massive award should also serve as a wake up call to compliance professionals to carefully take a look at existing programs, and consider new protocols to avoid problems before they become multi-millon dollar headaches for their respective companies. #compliance #fraud #sec
Posted on: Tue, 05 Nov 2013 18:37:31 +0000
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