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SEC Whistleblower Lawyer Blog

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Scott Silver, Silver Law Group’s managing partner and publisher of www.secwhistleblowerlawyers.net, represented an SEC whistleblower in a $1.8 million award for providing critical information that helped the SEC recover millions of dollars for investors.  Scott Silver represented the whistleblower with Boca Raton attorney James Sallah. Both attorneys were recently interviewed for an article on Law.com and Daily Business Review.  SEC Whistleblower Complaint  The whistleblower worked as a broker at Morgan Stanley. He and others were told about the CitiFX Alpha trading program, which he recommended to clients in 2010 and 2011 believing it was a safe investment because of false and misleading statements made to him.Scott Silver, Silver Law Group’s managing partner and publisher of www.secwhistleblowerlawyers.net, represented an SEC whistleblower in a $1.8 million award for providing critical information that helped the SEC recover millions of dollars for investors.

Scott Silver represented the whistleblower with Boca Raton attorney James Sallah. Both attorneys were recently interviewed for an article on Law.com and Daily Business Review. Continue reading

On January 1st, 2021, Congress voted to amend the Securities and Exchange Act of 1934 (Exchange Act), enacting into law the following provisions:  The Securities and Exchange Commission (SEC) now has statutory authority to seek disgorgement in civil enforcement actions in federal district court; The statute of limitations in certain SEC actions is now tolled while defendants are outside of the United States; and The statute of limitations for scienter-based claims is now ten years, double the previous limitations period of five.  SEC’s Disgorgement Authority Recently Litigated in Supreme Court  Before these Congressional amendments, the SEC was not expressly authorized to seek disgorgement for securities laws violations. Historically, the SEC obtained disgorgement under the legal theory of “equitable relief,” but recent challenges in court questioned its validity.  Congress’ amendment of the Exchange Act was a direct response to recent Supreme Court decisions Kokesh and Liu, in which the Supreme Court questioned and ultimately limited the SEC’s ability to obtain disgorgement. The SEC publicly criticized these decisions, noting that since the Kokesh decision in 2017, the SEC has lossed out on more than $1 billion in disgorgement – recovered funds that could have otherwise been partially awarded to SEC whistleblowers. On January 1st, 2021, Congress voted to amend the Securities and Exchange Act of 1934 (Exchange Act), enacting into law the following provisions:

  • The Securities and Exchange Commission (SEC) now has statutory authority to seek disgorgement in civil enforcement actions in federal district court;
  • The statute of limitations in certain SEC actions is now tolled while defendants are outside of the United States; and
  • The statute of limitations for scienter-based claims is now ten years, double the previous limitations period of five.

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On December 1, 2020, the Securities and Exchange Commission (SEC) announced that two whistleblowers had been awarded over $6 million for providing information and assistance that led to a successful enforcement action.  The SEC’s press release called the whistleblowers’ assistance substantial and stated that they provided it to the SEC and another government agency. Their assistance included providing documents, taking part in interviews, and identifying individuals involved in the misconduct.  Jane Norberg, Chief of the SEC’s Office of the Whistleblower said “The whistleblowers’ information led to multiple successful government actions related to a complex scheme involving several individuals and tens of millions of dollars in ill-gotten gains. Today’s award demonstrates the significant contributions whistleblowers make to investigations that can save the SEC and other government agencies substantial time and resources.”On December 1, 2020, the Securities and Exchange Commission (SEC) announced that two whistleblowers had been awarded over $6 million for providing information and assistance that led to a successful enforcement action.

The SEC’s press release called the whistleblowers’ assistance substantial and stated that they provided it to the SEC and another government agency. Their assistance included providing documents, taking part in interviews, and identifying individuals involved in the misconduct. Continue reading

On December 14, 2020, the Securities and Exchange Commission (SEC) announced that it was awarding $300,000 to one whistleblower “whose high-quality information and continuing assistance significantly contributed to a successful enforcement action.”  According to the press release, the whistleblower had “audit-related responsibilities” when they became aware of potential securities laws violations.  Individuals who audit or have compliance responsibilities usually are not eligible for whistleblower awards, but there are exceptions, such as when a whistleblower “reasonably believes that an entity is engaging in conduct that would impede the investigation”.  Jane Norberg, the SEC's Chief of the Office of the Whistleblower said “This award is an example of the important role that audit and compliance professionals can play in assisting the Commission's enforcement efforts, especially when the entity is attempting to thwart an investigation. The whistleblower attempted to remedy the conduct and provided exceptional assistance to the enforcement staff.”On December 14, 2020, the Securities and Exchange Commission (SEC) announced that it was awarding $300,000 to one whistleblower “whose high-quality information and continuing assistance significantly contributed to a successful enforcement action.”

According to the press release, the whistleblower had “audit-related responsibilities” when they became aware of potential securities laws violations. Continue reading

The Securities and Exchange Commission (SEC) announced that whistleblower awards totaling almost $3M had been paid to five people who provided information to the commission that led to three different enforcement actions.  Orders Determining Whistleblower Claim  The first order awarded $1.8 million to one whistleblower who “provided information that would have been difficult to detect in the absence of the tip and provided extraordinary assistance to SEC staff resulting in the return of the money to investors.” Scott Silver, Silver Law Group’s managing partner which publishes this site, represented this whistleblower and helped him submit his tip years ago.  The whistleblower had been a broker at Morgan Stanley Smith Barney. His tip related to fraudulent marketing regarding a foreign currency trading program by Morgan Stanley and Citigroup. The SEC investigated and collected almost $6 million in disgorgement and penalties. Given our client’s high-quality information and professional hardships suffered, we requested that he receive the maximum 30% award, which he did.The Securities and Exchange Commission (SEC) announced that whistleblower awards totaling almost $3M had been paid to five people who provided information to the commission that led to three different enforcement actions.

Orders Determining Whistleblower Claim

The first order awarded $1.8 million to one whistleblower who “provided information that would have been difficult to detect in the absence of the tip and provided extraordinary assistance to SEC staff resulting in the return of the money to investors.” Scott Silver, Silver Law Group’s managing partner which publishes this site, represented this whistleblower and helped him submit his tip years ago. Continue reading

Our attorneys are investigating Northstar Financial Services (Bermuda) regarding possible misconduct related to their various investment and insurance products and the broker-dealers who sold them. If you have information regarding any misconduct or violations of securities laws, or if you are a victim investor, our attorneys are interested in speaking with you. Among the investments offered by Northstar are: Global Index Product Global Advantage Select Global Interest Accumulator Global Advantage Plus Series Global VIP Elite What Is Northstar Financial Services (Bermuda) Ltd.? Northstar Financial Services was created in the 1990s and offered fixed- and variable-rate annuity and investment products. Being based in Bermuda was supposed to offer tax benefits.Our attorneys are investigating Northstar Financial Services (Bermuda) regarding possible misconduct related to their various investment and insurance products and the broker-dealers who sold them. If you have information regarding any misconduct or violations of securities laws, or if you are a victim investor, our attorneys are interested in speaking with you.

Among the investments offered by Northstar are: Continue reading

On November 5, 2020, the SEC (Securities and Exchange Commission) put out a press release announcing that two separate whistleblowers were awarded a total of $4.3 million.  The Commission awarded over $3.6 million to one whistleblower for “providing important information that alerted the Commission to misconduct abroad.” The release states that the whistleblower provided “substantial and ongoing assistance to enforcement staff, which included traveling to another country at the whistleblower’s own expense to meet with staff in person and providing extensive supporting documentation.”  The other whistleblower announced in the press release was awarded $750,000 for providing information about an ongoing fraud. The whistleblower met with SEC staff in person and explained the workings of a fraudulent scheme.  Jane Norberg, chief of the SEC’s Office of the Whistleblower, said “Whistleblowers play an important role in helping to identify misconduct, and the assistance they provide can be integral to an investigation. Both whistleblowers who received awards today reflect these important contributions whistleblowers can make to the success of enforcement actions.”On November 5, 2020, the SEC (Securities and Exchange Commission) put out a press release announcing that two separate whistleblowers were awarded a total of $4.3 million.

The Commission awarded over $3.6 million to one whistleblower for “providing important information that alerted the Commission to misconduct abroad.” The release states that the whistleblower provided “substantial and ongoing assistance to enforcement staff, which included traveling to another country at the whistleblower’s own expense to meet with staff in person and providing extensive supporting documentation.” Continue reading

A whistleblower complaint was filed in Miami-Dade Circuit Court, which accuses the nonprofit organization Shake-A-Leg Miami of tax law violations, Florida law and Fair Labor Standards violations, and county ordinance violations. The complaint was filed by Jason Krieger, who was employed as the chief operating officer of Shake-A-Leg Miami starting in January, 2020. Whistleblower attorney Scott Silver was interviewed by Law.com/Daily Business Review, and emphasized the need for quick action if the whistleblower’s allegations are true: “Immediately, begin an investigation, identify wrongdoers, seek the return of the money that was improperly taken. And ultimately, give the community the confidence that the foundation itself doesn’t have the problem and clean up the wrongdoing,” Scott said.A whistleblower complaint was filed in Miami-Dade Circuit Court, which accuses the nonprofit organization Shake-A-Leg Miami of tax law violations, Florida law and Fair Labor Standards violations, and county ordinance violations.

The complaint was filed by Jason Krieger, who was employed as the chief operating officer of Shake-A-Leg Miami starting in January, 2020. Continue reading

On October 29, 2020, the SEC (Securities and Exchange Commission) announced that it had awarded more than $10M to a whistleblower who provided original information that prompted an investigation.  A press release on the award stated that the whistleblower provided “substantial, ongoing assistance to SEC staff throughout the investigation.” The release notes that the whistleblower communicated with SEC staff over 12 times and, in addition to providing evidence, also helped the SEC understand communications and complex issues.  The Chief of the SEC’s Office of the Whistleblower, Jane Norberg, noted that the whistleblower took other measures before going to the SEC. “After reporting internally and receiving no satisfactory response, the whistleblower alerted the agency to the securities violation and played a critical role during the investigation,” Norberg said.  The whistleblower chief went on to say that this award shows how important whistleblowers are to investigations and helping the SEC save time and money.On October 29, 2020, the SEC (Securities and Exchange Commission) announced that it had awarded more than $10M to a whistleblower who provided original information that prompted an investigation.

A press release on the award stated that the whistleblower provided “substantial, ongoing assistance to SEC staff throughout the investigation.” The release notes that the whistleblower communicated with SEC staff over 12 times and, in addition to providing evidence, also helped the SEC understand communications and complex issues. Continue reading

The Securities and Exchange Commission (SEC) announced that it has awarded over $1.1 million to a whistleblower whose “independent analysis led the staff to look at new conduct during an ongoing investigation.”  Analysts, researchers and individuals who conduct their own independent analysis of publicly available information and identify violations of the securities laws may submit SEC whistleblower claims despite not having any inside or private information not generally available to the public. Many times, it takes a unique perspective to look at all the pieces of the puzzle to demonstrate that a company is violating the federal securities laws or someone is operating a Ponzi scheme. Our lawyers work with these unique whisteblowers to help make sure that the analysis is maximized to get the SEC’s attention. We then work with the whistleblower and the SEC to make sure the claim is properly reviewed.    A November 13, 2020 press release said the “whistleblower's information and exemplary assistance helped the agency bring an emergency action preventing further investor harm. This whistleblower examined publicly available materials and conducted an analysis that revealed important new insights into the securities law violations, which helped the SEC protect investor assets from dissipation by the wrongdoer.”The Securities and Exchange Commission (SEC) announced that it has awarded over $1.1 million to a whistleblower whose “independent analysis led the staff to look at new conduct during an ongoing investigation.”

Analysts, researchers and individuals who conduct their own independent analysis of publicly available information and identify violations of the securities laws may submit SEC whistleblower claims despite not having any inside or private information not generally available to the public. Continue reading

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