The Securities & Exchange Commission (SEC) has awarded another whistleblower bounty to someone offering information and assistance. This time, the whistleblower received an award of $1.25 million after voluntarily supplying information that resulted in a successful SEC enforcement action. Continue reading
Articles Posted in Whistleblower award
SEC Awards $3.5 Million To Whistleblower
The SEC has again given an award to a whistleblower. This time it totals $3.5 million, and comes after multiple instances of support from the individual.
The whistleblower’s contribution prompted SEC staff to investigate more possible securities violations. This made the investigation easier for the SEC staff, which saved them time and resources. Continue reading
SEC Awards $14M To Whistleblower Posting Report Online
Most whistleblowers are keen to keep their activity concealed and private until the information becomes public. In an unusual twist, one whistleblower decided to publish a research report online detailing the fraudulent activity of a company and that of its CEO prior to notifying the SEC of the fraud.
Within days of sharing this information online, the whistleblower then shared the same information with the SEC. The individual was persistent in reaching out to SEC staff about this information. Their continued contact led to the SEC opening an investigation that resulted in a successful enforcement action. This whistleblower was an outsider, not an employee of the company. Continue reading
Four Whistleblowers Involved In $40M SEC Bounty
Through three orders, the SEC issued awards to four people that totaled over $40 million.
- In the first proceeding, the SEC awarded two individuals a bounty of $37 million that provided crucial evidence leading to the success of the covered action. One individual helped SEC staff understand the evidence provided, and led to additional relevant information. The continuing assistance of both gave staff more information that helped to advance the investigation. Another governmental agency was involved with this action with its own separate “covered action.” Both whistleblowers received 50% of the bounty amount.
- In the second proceeding, the SEC awarded one individual $1.8 million for the new information they provided that saw SEC staff open a new investigation into misconduct. The individual quickly offered an internal report, and continued to provide SEC staff with information, documentation, and other assistance throughout the investigation. Charges in the affiliated covered action were a direct result of this individual’s contributions, which caused them to suffer hardships as a result.
- In the third proceeding, a whistleblower received an SEC bounty of $1.5 million for information and assistance in an existing investigation that led to a successful enforcement action. As with the previous two, this individual gave continued and substantial assistance to SEC staff throughout the investigation. This whistleblower provided new information that saved staff time and resources and helped staff to understand the issues involved.
Latest SEC Bounty Of $4M Goes To Two Whistleblowers
The Securities and Exchange Commission has kept busy, even through the holidays. On January 10th, 2022, the SEC put out a press release announcing that three more people have received bounties after working with SEC staff to identify and discontinue wrongdoing in the financial sector. Continue reading
SEC Awards More Than $10 Million To Multiple Whistleblowers
In three orders, the SEC announced the award of $10.4 million to several whistleblowers for information that led to three different enforcement actions. Continue reading
SEC Awards Two Whistleblowers More Than $15M In Bounties
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
Related Action Leads To An SEC Bounty Of $2M For One Whistleblower
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
Deciding If You Should You Blow The Whistle: Your Info Must Be Voluntarily Given And Original
You may be an eligible whistleblower entitled to a reward if you voluntarily provide original information to the Securities and Exchange Commission (SEC) or other federal agency that leads to the SEC’s issuance of sanctions of one million dollars ($1,000,000) or more. But what do those “voluntarily” and “original” requirements mean in practice? Are they significant enough to worry about? Continue reading
Deciding If You Should You Blow The Whistle: Are You Eligible For An Award?
If you’re deciding to become a whistleblower, there are a number of issues that you should consider. The first of these is to know that just because you provide information to the Securities and Exchange Commission (SEC) about a potential securities violation, that does not mean that you are automatically eligible to receive a whistleblower award. So let’s look at what it takes for you to be considered “an eligible whistleblower” (i.e., someone eligible for an award). Continue reading