SEC Fines Casino Gaming Company $500K for Whistleblower Retaliation

U.S. Securities and Exchange Commission building in Washington, D.C. September 4, 2014. Photo by Diego M. Radzinschi/THE NATIONAL LAW JOURNAL.

The Securities and Exchange Commission announced on September 29th that International Game Technology (IGT) has agreed to pay a $500,000 penalty for firing an exemplary employee for reporting issues with the company’s financial statements.

“Strong enforcement of the anti-retaliation protections is critical to the success of the SEC’s whistleblower program. This whistleblower noticed something that he felt might lead to inaccurate financial reporting and law violations, and he was wrongfully targeted for doing the right thing and reporting it,” said Andrew J. Ceresney, Director of the SEC’s Division of Enforcement.

This is the Agency’s second whistleblower retaliation case since the Dodd-Frank Act gave it the authority to bring such actions.

“Bringing retaliation cases, including this first stand-alone retaliation case, illustrates the high priority we place on ensuring a safe environment for whistleblowers,” said Jane A. Norberg, Chief of the SEC’s Office of the Whistleblower. “We will continue to exercise our anti-retaliation authority when companies take reprisals for whistleblowing efforts.”


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