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“The right or wrong CHOICE for the SEC”

Phillips & Cohen partner Sean McKessy speaks with Commercial Dispute Resolution where he explores the reasons why the Financial Choice Act’s provision to strip eligibility for rewards from whistleblowers who are “co-conspirators” in the wrongdoing is short-sighted.

“This restriction is, to me, misguided,” McKessy asserts. “The [SEC] wrestled with the concept of whether to impose a per se ban on so-called culpable whistleblowers when the rules were being considered…In reaching this conclusion, the Commission recognised the prosecutorial reality that sometimes to get the ‘big fish’ in a fraudulent scheme, regulators need ‘little fish’ — lower level participants — to come forward.”

You can read the full article (available for purchase) at Commercial Dispute Resolution.

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