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The SEC has announced its latest whistleblower awards for two individuals in the same case. The first whistleblower received a bounty of more than $12.5 million after alerting the SEC to an ongoing fraudulent scheme. As a result, SEC staff initiated an investigation and the whistleblower offered continued support to them. The second whistleblower received more than $2.5 million. This individual’s information was more “limited in nature,” but was also significant in the eventual enforcement action. The information from both whistleblowers was original and submitted voluntarily. Information from both whistleblowers was substantial in nature and led to the successful SEC enforcement action. The amounts reflect the amount of contribution each offered. The order called the first whistleblower’s contribution “more significant.”The SEC has announced its latest whistleblower awards for two individuals in the same case.

The first whistleblower received a bounty of more than $12.5 million after alerting the SEC to an ongoing fraudulent scheme. As a result, SEC staff initiated an investigation and the whistleblower offered continued support to them. Continue reading

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A whistleblower whose original information led to an investigation by the U. S. Department of Justice (DOJ) has also received a bounty of $2M from the Securities and Exchange Commission (SEC). Recent amendments to the whistleblower rules mean that DOJ actions, such as deferred and non-prosecution agreements, are now subject to whistleblower awards. The whistleblower also offered original information to both the SEC and the DOJ, as well as “extensive, ongoing assistance to both investigations.”  Both agencies opened their investigations based upon the whistleblower’s information and assistance.A whistleblower whose original information led to an investigation by the U. S. Department of Justice (DOJ) has also received a bounty of $2M from the Securities and Exchange Commission (SEC).

Recent amendments to the whistleblower rules mean that DOJ actions, such as deferred and non-prosecution agreements, are now subject to whistleblower awards. Continue reading

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It’s axiomatic that whistleblowing only works if people are willing to come forward and tell authorities of companies’ wrongdoing. That’s why Securities and Exchange Commission (SEC) sees retaliation—being punished for having made a report of wrongdoing—as a primary threat to its whistleblowing initiative: If people believe they will be punished for reporting companies’ malfeasance to the SEC, then they’re less likely to come forward. Therefore, the SEC has rules that bar retaliation against whistleblowers after they’ve reported potential securities law violations, and the SEC has been vigorously enforcing them. Under the law, “employers may not discharge, demote, suspend, harass, or in any way discriminate against an employee in the terms and conditions of employment who has reported conduct to the Commission that the employee reasonably believed violated the federal securities laws.”Let me be clear: Retaliation protections are a key component of the whistleblower program, and we will bring charges against companies or individuals who violate the anti-retaliation protections when appropriate.

—Jay Clayton,

Former Chairman, Securities and Exchange Commission Continue reading

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Suppose you’re aware of violations of securities laws at your place of employment but you are concerned that an employment agreement may prevent you from becoming a whistleblower. In that case, it’s always best to consult with an attorney. The securities whistleblower attorneys at the Law Firm of David R. Chase and the Silver Law Group are experts at the relevant law, assisting whistleblowers in making successful reports, collect financial rewards, and helping them prevent or respond to retaliation. But as a general rule, the Securities and Exchange Commission has been very clear on the issue: Companies cannot use employment agreements to circumvent the SEC laws meant to encourage whistleblowing.Suppose you’re aware of violations of securities laws at your place of employment but you are concerned that an employment agreement may prevent you from becoming a whistleblower. In that case, it’s always best to consult with an attorney.

The securities whistleblower attorneys at the Law Firm of David R. Chase and the Silver Law Group are experts at the relevant law, assisting whistleblowers in making successful reports, collect financial rewards, and helping them prevent or respond to retaliation. Continue reading

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The Securities and Exchanges Commission (SEC) has been awarding millions of dollars to whistleblowers in recent years—and the Commission has been awarding larger bonuses, more frequently. In the first decade of the SEC whistleblowing program, it had awarded $942 million to whistleblowers—but more than a third of that—$380 million—was given in just the last year. Given the stakes of a successful claim, contact the experienced securities whistleblower attorneys at the Law Firm of David R. Chase and the Silver Law Group to help you file a report. As experts at the relevant law, we assist whistleblowers in making successful reports, collect financial rewards, and helping them prevent or respond to retaliation. A few recent cases to demonstrate how the laws apply in practice. In re Paradigm (2015): In the Commission’s first-ever decision relating to a company’s retaliation of a whistleblower, the Commission found that the  whistleblower had suffered “unique hardships” after reporting Paradigm’s wrongdoing to the SEC. The company had “removing the whistleblower from the whistleblower’s then-current position, tasking the whistleblower with investigating the very conduct the whistleblower reported to the SEC, changing the whistleblower’s job function, stripping the whistleblower of supervisory responsibilities, and otherwise marginalizing the whistleblower.”The Securities and Exchanges Commission (SEC) has been awarding millions of dollars to whistleblowers in recent years—and the Commission has been awarding larger bonuses, more frequently. In the first decade of the SEC whistleblowing program, it had awarded $942 million to whistleblowers—but more than a third of that—$380 million—was given in just the last year. Given the stakes of a successful claim, contact the experienced securities whistleblower attorneys at the Law Firm of David R. Chase and the Silver Law Group to help you file a report. As experts at the relevant law, we assist whistleblowers in making successful reports, collect financial rewards, and helping them prevent or respond to retaliation. A few recent cases to demonstrate how the laws apply in practice. Continue reading

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While some whistleblowers experience guilt, others are struggling with anger. Frequently, those who submit a whistleblower complaint to the Securities and Exchange Commission (SEC) have been wronged. This wrongdoing may manifest financially, emotionally, or both. Importantly, the SEC does its part to incentivize whistleblowers by offering the opportunity to financially recoup some of their losses. Those who provide “original information” to the SEC, which leads to a successful action and monetary sanctions exceeding $1 million against the wrongdoer, are entitled to an award. While eligible whistleblowers will be awarded a percentage of the sanctions recouped, this award is not the primary motivation behind blowing the whistle to begin with. SEC whistleblowers have been instrumental in returning millions of dollars to victims of Ponzi schemes and other investment frauds.While some whistleblowers experience guilt, others are struggling with anger. Frequently, those who submit a whistleblower complaint to the Securities and Exchange Commission (SEC) have been wronged. This wrongdoing may manifest financially, emotionally, or both.

Importantly, the SEC does its part to incentivize whistleblowers by offering the opportunity to financially recoup some of their losses. Those who provide “original information” to the SEC, which leads to a successful action and monetary sanctions exceeding $1 million against the wrongdoer, are entitled to an award. While eligible whistleblowers will be awarded a percentage of the sanctions recouped, this award is not the primary motivation behind blowing the whistle to begin with. Continue reading

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After you and your legal team have filed a whistleblower complaint with the SEC, it may feel anticlimactic. When the SEC receives your tip, the agency reviews it along with thousands of other complaints. Then the SEC decides whether or not to allocate resources for a complete investigation. The investigation and subsequent court or administrative proceedings can additionally take a considerable amount of time. The ordeal is a tedious but significant process, leaving you to ask, “what now?” Even though you’ve done the right thing, you might carry the guilt of how the complaint affected colleagues or entire companies. You could still be learning how to cope with the broken loyalties. Still yet, you may worry scorned colleagues or industry giants hold harmful resentments. These emotions can take a toll, but it’s important to remember that you’ve done a good deed and our financial institutions and public markets are stronger for it.After you and your legal team have filed a whistleblower complaint with the SEC, it may feel anticlimactic. When the SEC receives your tip, the agency reviews it along with thousands of other complaints. Then the SEC decides whether or not to allocate resources for a complete investigation. The investigation and subsequent court or administrative proceedings can additionally take a considerable amount of time. The ordeal is a tedious but significant process, leaving you to ask, “what now?” Continue reading

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“Whistleblowing” is a term used to describe the act of alerting the Securities and Exchange Commission (SEC), in writing, to a securities law violation. For many, whistleblowing is easier in theory than in practice. While most people want to do what is right, and prevent illegal actors from unfair compensation, the fact of the matter is that whistleblowing is often emotionally complicated. While anyone with relevant information may alert the SEC to fraudulent investment activity, tips often come from corporate insiders with intimate knowledge of specific wrongdoing. These whistleblowers face the difficult task of weighing the moral obligation to report the wrongdoing with the consequences their colleagues, or even friends, may face if saddled with a federal investigation into their activities or risk losing their jobs. Whistleblowers frequently struggle with the guilt of betrayal, and wonder if they are doing more harm than good.“Whistleblowing” is a term used to describe the act of alerting the Securities and Exchange Commission (SEC), in writing, to a securities law violation. For many, whistleblowing is easier in theory than in practice. While most people want to do what is right, and prevent illegal actors from unfair compensation, the fact of the matter is that whistleblowing is often emotionally complicated. Continue reading

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