SEC Whistleblower Lawyer Blog
On December 1, 2020, the Securities and Exchange Commission (SEC) announced that two whistleblowers had been awarded over $6 million for providing information and assistance that led to a successful enforcement action.
The SEC’s press release called the whistleblowers’ assistance substantial and stated that they provided it to the SEC and another government agency. Their assistance included providing documents, taking part in interviews, and identifying individuals involved in the misconduct.
Jane Norberg, Chief of the SEC’s Office of the Whistleblower said “The whistleblowers’ information led to multiple successful government actions related to a complex scheme involving several individuals and tens of millions of dollars in ill-gotten gains. Today’s award demonstrates the significant contributions whistleblowers make to investigations that can save the SEC and other government agencies substantial time and resources.”
Protecting Whistleblowers’ Identities
Specifics of the scheme and the enforcement action are not known. To protect whistleblowers, the SEC withholds identifying information about them and the enforcement actions their tips lead to.
The CFTC recently announced a whistleblower award without disclosing the amount of the award to give another layer of insulation, protecting the whistleblower from retaliation. This may be more important for CFTC because they give fewer whistleblower awards than the SEC, and matching a whistleblower to an enforcement action could be easier.
Allowing Whistleblowers to remain anonymous protects both the whistleblower and the public because it allows a larger number of people to come forward and report fraud without fear of harm to the whistleblower. Our attorney’s represent whistleblowers who have the courage to report misconduct even when it may jeopardize their own jobs or security.
Making Your Securities Whistleblower Claim
Anyone with original, timely, and credible information can submit a tip to the SEC. If the tip leads to a successful enforcement action and sanction of $1 million or more, the whistleblower can receive between 10% and 30% of the money collected.
You don’t need an attorney to submit a whistleblower complaint, but the SEC does recommend speaking with an attorney. Working with an experienced attorney can give you the best odds of having the SEC investigate your claim, and of getting the maximum award.
Contact An Experienced Whistleblower Attorney
Our experienced whistleblower attorneys have filed multiple SEC whistleblower claims. We are ready to investigate your potential whistleblower claim and help you meet your goals.
The SEC considers cases involving fraud, violations of securities laws, Ponzi schemes, and market manipulation. Our clients include investors, securities industry insiders, and others who have information about misconduct.
Contact us toll free at (800) 975-4345 or through our online form for a no-cost consultation with an attorney. We work on a contingency fee basis, which means it costs nothing to hire us and we are only paid if you receive an award.