SEC Awards First Whistleblower Award To Compliance Pro

Law360, New York (August 29, 2014, 2:03 PM EDT) -- The U.S. Securities and Exchange Commission on Friday said it has granted its first whistleblower award to a compliance and audit professional when it agreed to pay $300,000 to an employee of an unnamed company who brought the agency information that led to an enforcement action.

The agency said the tipster reported the wrongdoing internally at first, but the company failed to take action after several months.

“Individuals who perform internal audit, compliance and legal functions for companies are on the front lines in the battle against fraud and corruption,” Sean McKessy, chief of the SEC’s Office of the Whistleblower, said...

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