- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2019-12-12T16:43:00
Amid controversy surrounding proposed changes to the SEC’s whistleblower program, Chairman Jay Clayton continues to stress any adjustments won’t include a cap on awards.
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Are whistleblowers getting the short end of the stick? A recent case highlights one way in which the process for government rewards might be perceived as unfair.
The SEC has awarded over $260,000 to three individuals who jointly submitted a tip alerting the agency to a well-concealed fraud targeting retail investors that led to a successful enforcement action. The whistleblowers were, themselves, harmed investors.
The Securities and Exchange Commission, in its annual report to Congress, indicated it fielded 5,212 whistleblower tips in fiscal year 2019, down 1 percent from the record of 5,282 in FY2018.
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.
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.
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.
