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“Whistle-blowers raise penalty costs in financial fraud cases”

Phillips & Cohen partner Sean McKessy is quoted in The Agenda, an FT Service, on a new study that says whistleblower involvement leads to a tangible increase in the likelihood the SEC or DOJ will impose monetary sanctions on a company in an enforcement action.

“It’s good to have some tangible numbers to show that the presence of a whistle-blower in a matter will do two things — get the SEC’s interest at a higher rate and result in fines at a higher rate,” says Sean McKessy, a partner at Phillips & Cohen, who was the founding chief of the SEC Office of the Whistleblower. “This is showing that whistle-blowers actually do really good service to the investing public and the companies they report on.”

You can read the full story on The Agenda. (The story is behind a paywall, you will either need to use your login information or sign up for the free trial to view the story.)

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