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A former finance executive has been denied a lucrative lump sum by the Securities and Exchange Commission (SEC) after whistleblowing on her former employer.
Desiree Fixler, 54, went public with her worries after discovering her employer, Deutsche Bank, was misleading investors on how they brought ESG (Environmental, Social, and Governance) into their investing.
After going public, Fixler's evidence allowed the SEC to land a $19 million fine against the firm.
Under the SEC whistleblowers program, tipsters can expect to receive anywhere from 10 to 30 percent from the amount fined, but Fixler, who lives in , learned last month she would not be given anything.
The SEC has denied her application for a payout because she took her concerns to the media first, rather than going straight to them.
Fixler, who is now appealing the rejection in federal court, told the : 'The SEC broke its own rules.
'I worked with them for two years, and then they denied me the award for the case I built.'
At the time of taking her findings public, she worked as the sustainability chief at DWS Group, the asset-management part of Deutsche Bank.
She previously told the outlet that DWS was misleading investors about how it implemented ESG.
The group would tell every client that investment teams were actively using ESG factors to manage funds.
Fixler found a case in which a German company that went bankrupt after a fraud scandal ended up in a ESG fund managed by the group.
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