SEC Whistleblower Head Admits To Award-Payout Struggles

By Stephanie Russell-Kraft (October 21, 2014, 3:30 PM EDT) -- U.S. Securities and Exchange Commission whistleblower director Sean McKessy says there's nothing he enjoys more than paying a tipster a well-deserved award, but that doesn't mean he always has the statutory power to do so, an unfortunate reality that has left some tipsters empty-handed even when their information leads to a successful enforcement action.

During Law360's recent visit to his office, McKessy said he's had to struggle with what he calls the "unintended negative consequences" of the whistleblower program. While tens of thousands of pieces of information flow into the whistleblower office in any given year, only those tipsters who are...

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