Temat: Rekordowa nagroda dla denucjatorów: $83 milionów

About That Record New Whistleblower Award…

Take a moment to be dazzled by the $83 million whistleblower award the Securities and Exchange Commission announced on Monday, but spend more time poring over the details and footnotes the SEC included in its award order. Compliance officers may not like the implications of what you find there.

The $83 million award was divided among three whistleblowers who all hail from Merrill Lynch, a subsidiary of Bank of America. They helped the SEC unravel a scheme Bank of America ran from 2009 to 2012 to reduce the amount of client money it needed to hold in reserves. That violates the SEC’s customer protection rule, and in 2016 Bank of America paid $415 million to the SEC to settle the dispute.

Two of the three whistleblowers split $50 million of the total award, for $25 million each. The third whistleblower won $33 million. Altogether, the $83 million award dwarfs the agency’s previous record for an award, which was $30 million given in 2016.

http://www.radicalcompliance.com/2018/03/19/record-83-...