Whistleblower who Suffered Retaliation Receives $600,000 from SEC
The SEC awarded the maximum 30%, more than $600,000, to a whistleblower that it claims suffered significant retaliation. The SEC asserts that the claimant’s firm retaliated by demoting him, taking away his supervisory responsibility, and forcing him to investigate the very conduct he reported. The SEC says the high award reflects the conduct he suffered. Sean McKessy, Chief of the SEC’s Office of the Whistleblower said, “Retaliation against whistleblowers is entirely unacceptable. The underlying … award demonstrates the Commission’s continued support of its whistleblower program.”
OUR TAKE: This is the first time that the SEC has indicated that a whistleblower that suffers retaliation will receive a greater award. This may embolden potential whistleblowers who might otherwise not come forward.