If you have knowledge of a Ponzi scheme or other investment fraud, you may be able to help stop the fraud and earn financial compensation for yourself by submitting a whistleblower tip to the Securities and Exchange Commission (SEC). Our team of attorneys, forensic analysts and investigators are singularly focused…
The SEC recently reached a $3 million collective settlement with seven public companies charged with violating whistleblower protection Rule 21F-17(a). This rule prohibits any actions by companies that impede an individual from communicating directly with the SEC staff about a possible securities law violation they observe. The companies cited were:…
The SEC recently announced that it has awarded money to two whistleblowers for their information that led to an SEC enforcement action against a company as well as a related action against the same company by another federal agency. Both individuals voluntarily provided critical information that led to the successful…
The SEC recently awarded two whistleblowers a total of $98M for original information they submitted that led to the opening of an investigation and a successful enforcement action involving misconduct. The first whistleblower received the lion’s share of the bounty, which totaled over $87 million. For the second whistleblower, the…
Billionaire investor and founder of Hayman Capital Management, Kyle Bass, succeeded in obtaining a reversal of the SEC’s denial of his bid to receive a whistleblower bounty for exposing fraud at United Development Funding (UDF), a Dallas-based land developer. Bass filed a whistleblower tip regarding UDF to the SEC after…
David R. Chase and Scott Silver co-authored an article for the Daily Business Review that advocates for short sellers being allowed to benefit from the SEC Whistleblower Program. Click here to read the full article.
On June 17, 2024, the U.S. Securities and Exchange Commission (SEC) announced a $37 million dollar whistleblower award, marking this the first whistleblower award of 2024. While the Dodd-Frank Act mandates confidentiality regarding the whistleblower’s identity and enforcement action, this substantial award underscores the SEC’s ongoing commitment to investor protection.…
The SEC (US Securities and Exchange Commission) has exacting criteria for both submission of whistleblower tips and their issuance of any financial bounties, including the amounts. How SEC Whistleblower Awards Are Determined The general rule for the award amount is 10% to 30% of all monetary fines collected from the…
The U.S. Supreme Court has found that a whistleblower is entitled to protection from retaliation under federal law, and not required to show proof or intent from their employers. The Court ruled in favor of whistleblower Trevor Murphy who was awarded $900K in a jury verdict in 2017 after his…
The SEC (Securities & Exchange Commission) has filed a summary judgment against two former employees of Bridgewater, NJ-based Synchronoss Technologies, Inc. They are the former CFO, Karen Rosenberger, and the former Synchronoss controller, Joanna Lanni. The two engaged in accounting misconduct that led to the company’s overstatement of revenue. This…