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…
Scott Silver, has been selected as a top-rated securities litigation attorney by Super Lawyers for 2024. Scott was previously selected in 2021 and 2022. Lawyers ranked by Super Lawyers are generally considered to be the best lawyers in a particular practice area. Scott Silver formed a strategic alliance with attorney…
Attorney David R. Chase, part of the Securities Whistleblowers Attorneys team, has been again selected by SuperLawyers as a top-rated securities attorney for 2024. This is his third nomination after he was selected in 2021 and 2022. David’s experience as an SEC Enforcement Attorney gives him a strong understanding of…
In 2023 the SEC (Securities & Exchange Commission) handed out a record $600 million in bounties to whistleblowers responsible for billions in recovered funds. The funds are from fines and other financial penalties collected from companies that violate US securities laws. Whistleblowers can receive as much as 30% of the…
Would you sign an agreement with your broker-dealer if you knew you couldn’t complain if something went wrong? That’s exactly what JP Morgan required customers to do for three years, until the SEC stepped in. J.P. Morgan Securities LLC (JPMS) has paid $18 million in fines to settle charges that…
The SEC recently announced the award of over $28 million to seven individuals who submitted information to the Office of the Whistleblower that led to a successful enforcement action. The first whistleblower received $13 million Four whistleblowers received a joint award of $13 million Two whistleblowers received a joint award…
The SEC has released figures for recovery and returns for the Fiscal Year 2023. The press release details the record high $600 million paid to SEC whistleblowers, and the recovery of nearly $5 billion through a total of 784 enforcement actions, the second highest in history. Actions resulted in nearly…