US: WHISTLEBLOWER GETS NO REWARD, BUT ENDS UP WITH NOTHING AND BANKRUPT

On 27 June, the Wall Street Journal reported that John McPherson missed out on a $1.4 million payout because target company, Life Partners Holdings Inc, had declared bankruptcy, and the SEC never collected financial penalties it was owed.  Investors, however, were able to recoup more than $1 billion through the bankruptcy process.  The SEC won’t pay awards for financial recoveries in bankruptcy proceedings, even if the affected company entered bankruptcy as a result of the agency’s enforcement actions.

https://www.wsj.com/articles/whistleblower-thought-he-would-get-a-big-payout-instead-he-got-nothing-and-went-broke-11624791602

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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