In 2020, the SEC Whistleblower Office has been very active and is recognizing multiple whistleblowers for their assistance in preventing ongoing securities and investment frauds. These cases frequently involve people blowing the whistle on a variety of misconduct from wrongdoing at major brokerage firms to ponzi schemes.
This recent whistleblower provided invaluable information that alerted the SEC staff to potential securities violations at the firm. This information led to an examination and successful enforcement action against the firm, by the SEC. Notably, the whistleblower was credited for his efforts in reporting the misconduct internally prior to sharing the information with the SEC.
This award highlights how frequently wall street insiders try to report internally without any positive action being taken. Silver Law Group frequently represents financial advisors, compliance officers and other insiders before a formal complaint is filed to help protect employees from negative repercussions when reporting internal misconduct.
According to the SEC, “[i]n determining the appropriate award percentage, we also considered that while Claimant’s information was significant, exam staff discovered violations that were broader than what was alleged by Claimant, and that a large portion of the monetary sanctions ordered against the firm related to conduct that was not reported by the Claimant to the Commission.”
Not only was this whistleblower rewarded with over $14 million for his efforts, his information substantially assisted the SEC in returning millions of dollars to retail investors who were harmed by the reported firm.
Commenting on the award, Jane Norberg, Chief of the SEC’s Office of the Whistleblower stated that “[b]ecause of this whistleblower’s actions, harmed investors were able to recover millions of dollars in losses.” She further added that “[t]his whistleblower stepped forward and helped the agency better protect Main Street investors.”
A link to the April 28, 2020 award can be found here.
Type Of Misconduct That Can Lead To A Whistleblower Award
If you have, or are aware of information concerning securities fraud or other misconduct, you could receive a significant financial reward for bringing forth this information as a whistleblower.
Unfortunately, whistleblowers face retaliation or other negative consequences for reporting internally or have nowhere to report misconduct because of involvement by senior management. By stepping forward and reporting to the SEC, even on a confidential basis, a whistleblower can prevent more harm to main street investors and protect their own rights as a whistleblower.
The SEC has identified several types of allegations that can lead to a whistleblower award, upon a successful enforcement action: (1) Corporate Disclosures and Financials; (2) Offering Fraud; (3) Manipulation; (4) Insider Trading; (5) Trading and Pricing; (6) FCPA; (7) Unregistered Offerings; (8) Market Event; (9) Municipal Securities and Public Pension; (10) Crypto Currency; and (11) Other. This is not an exhaustive list, and Silver Law Group is well-equipped to assist you in filing a whistleblower claim.
To File a SEC Whistleblower Complaint, Call Silver Law Group Today
The Silver Law Group is prepared to assist your legal needs if you have information regarding securities fraud, financial crimes, ponzi scheme or any other types of illegal conduct, which could lead to whistleblower complaint. The Silver Law Group’s invaluable experience, in representing whistleblowers, provides a unique advantage in assisting those who are ready to bring justice to the securities industry. Working with the Law Offices of David Chase, our attorneys include a former Wall Street defense attorney, SEC prosecutor and more than 50 years of combined experience helping investors recover their investment losses.
Our securities fraud attorneys frequently work with whistleblowers and investors to pursue civil litigation or securities arbitration claims that can operate on parallel tracks with a whistleblower claim. Our attorneys frequently work with investors who have been the victim of a ponzi scheme or other stockbroker misconduct to recover losses while cooperating with an SEC investigation.
Experienced Whistleblower Attorneys
Managing partner Scott L. Silver vigorously advocates for investors and employees who are bringing claims against members of the financial services industry, such as hedge funds, brokerage firms, and individual brokers. He uses insights gained from working at a law firm that represented the financial services industry to anticipate and counter the strategies that may be used against his clients.
Scott has authored an acclaimed whistleblower program outline that is available free of charge upon request. His thorough knowledge of this complex area of the law has led to speaking engagements nationwide, including at law schools, community events, and lawyer conferences. Scott represents clients throughout the U.S. and elsewhere in the world in litigation and in arbitration proceedings before the Financial Industry Regulatory Authority (FINRA), the National Futures Association (NFA), and the American Arbitration Association (AAA).
Partner David Chase, principal of the Law Firm of David R. Chase, PA, joins Scott in fighting for the rights of investors in complex cases involving SEC investigations and securities litigation. David also has a keen understanding of the strategies that defendants may use against his clients, based on his experience working for an international firm that represented many large Wall Street financial institutions. He combines that knowledge with an understanding of how the SEC investigates these matters, having served as a former Senior Counsel in its Enforcement Division and as a Special Assistant U.S. Attorney in the U.S. Attorney’s Office Economic Crimes Division.
David’s recognition in the field has led to his appointment as a Receiver in various SEC and FTC enforcement cases, which offers him another way to protect the interests of investors. An adjunct professor at the University of Miami School of Law, where he teaches a course on SEC Enforcement, David has served as Chairman of the Securities Litigation Committee for the Dade County Bar Association and as the Co-Chair of the Securities Enforcement Subcommittee for the Business Law Section of the American Bar Association.
Explore Your Options With An SEC Whistleblower Attorney
Our SEC whistleblower attorneys assist employees and investors throughout the U.S. We are ready to help you investigate the details of your situation and determine a course of action that is tailored to your needs and goals. Contact us at (800) 975-4345 or through our online form for a free consultation with a securities fraud attorney.
Our attorneys are prepared to assist your legal needs if you have information regarding securities fraud, financial crimes, or any other types of illegal conduct, which could lead to whistleblower complaint. Our firms’ combined, invaluable experience, in representing whistleblowers, provides a unique advantage in assisting those who are ready to bring justice to the securities industry.