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Compliance Officer Receives Whistleblower Award in excess of $1 Million

Sunday, April 26, 2015

The Securities and Exchange Commission announced an award of more than a million dollars to a compliance professional who provided information that assisted the SEC in an enforcement action against the whistleblower’s company. By law, the SEC cannot disclose information that might directly or indirectly reveal the identities of whistleblowers so the complete information regarding this action is not available.

Andrew Ceresney, the Director of the SEC’s Division of Enforcement stated “This compliance officer reported misconduct after responsible management at the entity became aware of potentially impending harm to investors and failed to take steps to prevent it.”

According to the SEC, this is the second award to an internal audit or compliance professional. These verdicts may change how upper management views compliance officers, more as adversaries rather than risk management partners. Compliance officers should consider having an outside and independent firm audit the firm’s regulatory compliance to help alleviate this situation.

Please click here to read the release.

About Red Oak Compliance Solutions

Red Oak Compliance Solutions is a leading provider of intelligent compliance software, offering a range of AI-powered solutions designed to help firms of all sizes successfully navigate the increasingly complex regulatory landscape. Our suite of 17(a)-4/WORM compliant features offer risk minimization, cost reduction, and process optimization capabilities with features that are designed to evolve with our client’s needs. Our flagship advertising review software enables firms to deliver compliant content to the market with confidence, faster. Our Disclosure Management and Intelligence solution simplifies the management of disclosures, while our Registration Management solution automates and streamlines the licensing and registration process, further enhancing your internal processes. 

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