Former SEC Commissioner Urges DOJ to Model Whistleblower Program on SEC's
WASHINGTON, April 25, 2024 /PRNewswire/ -- In developing its new whistleblower award program, the U.S. Department of Justice (DOJ) should look to the best practices of the U.S. Securities and Exchange Commission (SEC) Whistleblower Program, says Allison Herren Lee, former SEC Commissioner and currently Of Counsel at the whistleblower firm Kohn, Kohn & Colapinto.
Lee commends the DOJ's decision to develop a whistleblower award program and outlines the key elements of the SEC program in a new article "A Proven Success: The SEC Whistleblower Regime Provides a Roadmap for DOJ's New Program" published by the Harvard Law School Forum on Corporate Governance.
"At the core of the SEC program is the reliable promise of a monetary award for qualified whistleblowers," writes Lee. "History has demonstrated, time and again, that without guaranteed incentives, whistleblowers are far less likely to come forward. DOJ is in a great position to leverage the invaluable insight afforded by these historical examples as it shapes its new program."
In addition to transparent and reliable mandatory minimum awards, Lee outlines other key elements of the SEC Whistleblower Program which the DOJ Whistleblower Program should follow. These include anonymous and confidential reporting channels, a dedicated Whistleblower Office, and clear eligibility criteria.
"DOJ's recent announcement is the latest in a series of thoughtful and wise approaches toward a goal we all support: fostering greater compliance with the rule of law in U.S. financial markets," writes Lee in conclusion. "I strongly support this impending new policy, and hope that the successful SEC program will prove a useful example in its design. "
In March 2023, Lee joined the whistleblower defense firm Kohn, Kohn & Colapinto as Of Counsel after serving as an SEC Commissioner from 2019 until her term expired in July 2022. During her tenure at the Commission, Lee was a champion for stronger whistleblower protections and individual accountability for violations of securities laws. Her current practice focuses on representing whistleblowers reporting securities, commodities, banking and capital markets law violations, including a focus on ESG, governance/audit, securities law, and whistleblowers.
Contact: Geoff Schweller
[email protected]
SOURCE Kohn, Kohn & Colapinto LLP
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