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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2021-07-30T13:00:00
The road to a payout for whistleblowers is long, lonely, and full of obstacles.
The process is naturally isolating—whistleblowers’ identities are protected, but in exchange, they cannot talk about their case with anyone but their lawyer or risk jeopardizing the reward. Further, their employer or industry often shuns them, boxing them into a corner on the suspicion they are telling a truth likely to result in financial pain for whatever entity is accused of fraud or malfeasance.
“This is an extraordinary risk that people are taking—it could be career-altering or career-ending,” said Sean McKessy, who led the Securities and Exchange Commission’s Office of the Whistleblower from 2012-16. “A payout offers the opportunity to be financially rewarded, to compensate you for what you lost, or allow you to never have to work again,” he said. The success of the SEC’s whistleblower program, McKessy said, “underscores that the financial incentive is a very important piece of the puzzle.”
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2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
2024-06-20T15:37:00Z By Aaron Nicodemus
A whistleblower received an $8 million award from the Commodity Futures Trading Commission for uncovering fraud—even though the agency deemed the whistleblower was culpable in the misconduct.
2024-05-23T15:35:00Z By Kyle Brasseur
Compliance Week Advisory Board members Eric Young and Ellen Hunt participate in a debate-style discussion regarding whistleblower-related topics including culture of compliance, monetary incentives, retaliation, and more.
2024-04-29T11:39:00Z By Neil Hodge
The European Union’s strong stance on whistleblower protection has been undermined by member states’ wildly different approaches to punishing organizations that fail to safeguard people who raise concerns, says Wirecard whistleblower Pav Gill.
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