SEC to pay highest possible whistleblower award in first retaliation case

In the first anti-retaliation case against a New York-based hedge fund advisory firm, the SEC recently announced that the whistleblower at the centre of the case would receive the highest possible award: 30% of the penalties issued. We first reported on this case in July 2014. The whistleblower, according to the SEC, provided key original information that led to successful enforcement action. The reason for issuing the highest possible award was that the whistleblower had suffered unique hardships, including retaliation.  As the penalty amount collected exceeded USD 2 million, the whistleblower will receive more than USD 600,000. This award shows, according to the SEC, that the SEC is committed to protecting whistleblowers against retaliation. Companies are advised to refrain from taking retaliatory action and to make sure that their internal policies do not silence whistleblowers. Lees verder:

Print Friendly and PDF ^