Phillips & Cohen partner Sean McKessy explains in a Bloomberg Law article why the SEC’s Dec. 14 whistleblower award to an individual with audit responsibilities is exceptional.
Awards to people with internal audit duties are unusual because the SEC provides few opportunities for the bounties, and the individuals usually aren’t looking to tip off the government about problems, said Sean McKessy, a former first chief of the SEC’s Office of the Whistleblower.
“Internal audit folks are being paid by their company to uncover wrongdoing and fix it so they are naturally inclined to handle issues internally and not via a regulator,” said McKessy, now a partner at Phillips & Cohen LLP.
Read the entire article, “SEC Gives Rare Whistleblower Bounty to Tipster With Audit Duties,” on Bloomberg Law’s website (subscription required).