There are more effective ways to protest lax enforcement of financial fraud
Last week, it was widely reported that Eric Ben-Artzi, a Deutsche Bank whistleblower stated he will refuse a portion of his whistleblower award from the U.S. Securities and Exchange Commission’s whistleblower program. Mr. Ben-Artzi had worked at the bank as a vice president and he tells an all too-familiar story of a loyal corporate insider reporting serious fraud internally only to be betrayed by corporate compliance officials and then getting fired by management.
Mr. Ben-Artzi next reported the wrongdoing to the SEC and later formally asked the SEC in 2015 to grant him a monetary award for helping the SEC to fine Deutsche Bank. After being awarded more than $8 million he says he will refuse to accept a portion of that whistleblower award (but allow his ex-wife and attorney to collect a portion of his share) as a form of protest to the SEC’s collusion with Wall Street.
However, refusing the award makes little sense, because there are more effective ways the whistleblower can protest lax enforcement and corporate fraud.