- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-08T17:41:00
The Securities and Exchange Commission (SEC) announced its fourth largest whistleblower award at $104 million, and yet another number stood out to me more: 11.
That was the amount of claimants that came forward to the SEC seeking a share of the award, according to the agency’s order released Friday. The bounty was ultimately split among seven whistleblowers, but the fact nearly a dozen individuals contacted the SEC seeking to provide information related to one action should be notable to companies regarding the stakes of the current whistleblower landscape.
Whistleblowers are rarely motivated by money—we’ve heard this before—but it’s hard to ignore when one person receives a life-changing award for coming forward, as was the case earlier this year when the SEC announced a $279 million bounty. Indeed, the agency is being sued by at least one of the two claimants denied a share of that record-shattering award.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Monolith Resources, a privately held energy and tech company, agreed to pay $225,000 to settle charges by the Securities and Exchange Commission it used employee separation agreements that violated whistleblower protection rules.
The impact of “see something, say something” was on display as part of Construction Specialties’ settlement with the Office of Foreign Assets Control for apparent Iran sanctions violations.
The Securities and Exchange Commission announced awards totaling more than $104 million to seven whistleblowers whose information and assistance led to a successful enforcement action.
New Compliance Week Editor-In-Chief Ian Sherr shares his thoughts on where compliance is headed as businesses meet the realities of not just following the rules, but staying ahead of the pace of regulatory change at a global scale.
Top-of-mind issues addressed at Compliance Week’s Third-Party Risk Management & Oversight Summit, held June 3-4 in Atlanta, included safe deployment of artificial intelligence, assessing vendor viability and sustainability, understanding the role of procurement in risk ranking, the intersection (or lack thereof) between data privacy and cybersecurity, and many others.
Anne Morriss, co-author of “Move Fast and Fix Things,” advises compliance officers to tap into curiosity, communicativeness, and comfort with discomfort to build organizational trust, fast.
