SEC Whistleblower Reward to Internal Auditor

The SEC announced a whistleblower reward to an internal auditor in the amount of $450,000.  The auditor who had compliance related duties received the award after reporting concerns internally within the company and followed up with the SEC 120 days later.

Jane Norberg, Chief of the SEC’s Office of the Whistleblower stated in a press release that “the whistleblower made reasonable efforts to work within the company’s compliance structure, suffered unique hardships as a result, and reported to the Commission after the requisite time period had passed, ultimately providing meaningful assistance to the Commission’s investigation and subsequent enforcement action.”

This type of award to a compliance person is rare for the SEC to grant. The SEC has awarded over $396 million to 77 individuals since issuing its first award in 2012.

For more information about the whistleblower program, please contact our firm.