A COMPLIANCE officer received $300k from the U.S. Securities and Exchange Commission as a whistleblower's reward for reporting non-compliance at his firm.
The auditor reported a non-compliance issue internally to his supervisors but they failed to take any action. After four months of management inertia, he then reported the matter externally to the SEC to avoid personal liability, hefty fines or imprisonment.
Sean McKessy, Chief of the SEC’s Office of the Whistleblower said: 'These individuals may be eligible for an SEC whistleblower award if their companies fail to take appropriate, timely action on information they first reported internally.'
Source: SEC Newsroom 29 August 2014