Dallas-based CBRE Group has been slapped with a fine from the Securities and Exchange Commission for violating federal whistleblower protection rules.
The commercial property firm was called out for requiring departing employees to attest that they had not filed a federal complaint before they would receive separation pay. The violations took place between 2011 and 2022, according to the SEC.
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CBRE’s action impeded potential whistleblowers from reporting complaints, the ruling said. CBRE agreed to pay a $375,000 civil penalty because of the violations.
“It is critical that employees are able to communicate with SEC staff about potential violations of the federal securities laws without compromising their financial interests or the confidentiality protections of the SEC’s whistleblower program,” Eric Werner, regional director of the SEC’s Fort Worth Office, said in a statement.
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Once notified of the violations, CBRE revised its employee separation materials and reached out to more than 800 of its former workers who had signed the release, according to the SEC.
“We commend CBRE for its swift and far-reaching remediation and for its high level of cooperation with our staff, which is reflected in the terms of the resolution,” Werner said.
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