SEC Touts Success of Its Whistleblower Program
The Securities and Exchange Commission's (SEC) Division of
Enforcement director, Andrew Ceresney, outlined the successes of
the whistleblower program during a speech in Washington, D.C. Ceresney's
"bottom line is that in its short history, [the SEC's]
whistleblower program has had tremendous impact." In
particular, he noted that in investigations into inadequate
disclosures, whistleblowers have been invaluable because those
investigations "typically involve misconduct that is hard to
spot and are typically very document-intensive, involving
sophisticated defense counsel." When it comes to the Foreign
Corrupt Practices Act (FCPA), Ceresney explained that the
whistleblower program has increased the incentives for companies to
self-report. He said if a company is aware of FCPA violations and
does not self-report, "there will be consequences" if the
SEC learns of the violations, which is more likely because of
