SEC Grants $1.5M Whistleblower Award To Compliance Officer

Law360, New York (April 22, 2015, 1:48 PM EDT) -- The U.S. Securities and Exchange Commission announced Wednesday that it will grant approximately $1.5 million to a compliance officer who provided information that led to an SEC enforcement action against the employee’s company, its second-ever award to an employee with internal audit or compliance responsibilities.

The award was the first-ever given to a compliance officer under a rule that allows compliance employees to report misconduct to the SEC in order to prevent “imminent” misconduct from causing substantial financial harm to investors or the company itself. Compliance officers typically aren’t eligible for standard whistleblower awards.

“When investors or the market could suffer...

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