SEC Whistleblower Lawyer Blog
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.”
Why A Whistleblower Might Be Denied
A third whistleblower’s request for an award in the case was denied, and they did not request reconsideration.
To date, the SEC alone has paid out in excess of $1 billion in bounties to 226 whistleblowers who came forward to report wrongdoing. The award money comes from financial sanctions levied against a company, not investor funds. However, not everyone who speaks up receives an award.
Information must be properly submitted, either through the SEC’s portal or in writing. You can also be represented by an attorney and submit the information anonymously.
But if the information is not original, timely, and does not lead to an enforcement action, chances are there won’t be a financial award at the end of the process.
Retaining Experienced SEC Whistleblower Attorneys
Whistleblowers help everyone by notifying authorities of conduct that harms the public, while also earning financial compensation for themselves. Hiring experienced SEC counsel will greatly increase your chances of the SEC initiating an investigation based on your information. If you wish to remain anonymous, you must be represented by an attorney, who will submit everything on your behalf.
Silver Law and the Law Firm of David R. Chase jointly have experienced SEC whistleblower lawyers, including a former SEC Enforcement attorney on the team, so you will always have guidance throughout the process. Our SEC whistleblower attorneys can help you if you have information regarding securities or investment fraud, violations of federal securities laws, false filings, market manipulation, or other misconduct. You must provide timely, credible, and original information or analysis in order to be eligible.
Contact us through our online form or at (800) 975-4345 for a consultation. Our attorneys work on a contingency fee basis. This means that it costs you nothing to hire us, and we collect our fees when you receive an SEC bounty. Because we get paid when you do, we have the incentive to help you collect the maximum award available.