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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2021-07-30T13:00:00
The road to a payout for whistleblowers is long, lonely, and full of obstacles.
The process is naturally isolating—whistleblowers’ identities are protected, but in exchange, they cannot talk about their case with anyone but their lawyer or risk jeopardizing the reward. Further, their employer or industry often shuns them, boxing them into a corner on the suspicion they are telling a truth likely to result in financial pain for whatever entity is accused of fraud or malfeasance.
“This is an extraordinary risk that people are taking—it could be career-altering or career-ending,” said Sean McKessy, who led the Securities and Exchange Commission’s Office of the Whistleblower from 2012-16. “A payout offers the opportunity to be financially rewarded, to compensate you for what you lost, or allow you to never have to work again,” he said. The success of the SEC’s whistleblower program, McKessy said, “underscores that the financial incentive is a very important piece of the puzzle.”
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2024-07-26T19:49:00Z By Aaron Nicodemus
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-25T17:36:00Z By Jeff Dale
The Consumer Financial Protection Bureau is warning companies against intimidating potential whistleblowers by forcing them to sign broad nondisclosure agreements to deter misconduct from coming to light.
2024-07-19T16:20:00Z By Aaron Nicodemus
A whistleblower will be paid $37 million by the Securities and Exchange Commission for providing original, credible information that led to a successful enforcement action.
2024-07-16T16:48:00Z By Aaron Nicodemus
Anonymous employees of OpenAI accused the company of requiring employees to sign nondisclosure agreements (NDAs) that “prohibited and discouraged” them from reporting securities law violations to federal regulators.
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