The Whistleblower business can be very profitable for tipsters, a landmark whistleblower award of nearly $2.5 million was awarded today by the Securities and Exchange Commission. The recipient of this award was the employee of a domestic government agency. Information provided by this whistleblower was instrumental in launching a SEC investigation. The anonymous whistleblower continued to offer assistance and eventually helped expose wide ranging misconduct in an unnamed company.
Jane Norberg, the Chief of the SEC’s Office of the Whistleblower praised whistleblowers and the continued success of the award program.
”Whistleblowers can provide a wealth of information and ongoing assistance that helps our agency bring enforcement actions quicker and more efficiently,” She also noted the speed allowed by the assistance of whistleblowers.’ “This whistleblower not only helped us open the case, but also provided timely ongoing assistance along with critical documents and testimony that accelerated the pace of our enforcement action.”
Since the creation of the SEC Whistleblower program, over $156 million has been awarded to persons who have voluntarily provided information that allows the SEC to successfully enforce sanctions and fines against violators. All money provided to tipsters is allocated from a Congress designated investor protection fund, that is wholly funded by fines and sanctions paid by companies and individuals that violate the securities laws
Whistleblower awards vary depending on the quality, relevancy, and originality of the information provided, most awards range from 10 to 30 percent of SEC monetary sanctions that exceed $1,000,000. The identities of whistleblowers are always protected by the SEC and can never be revealed, directly or indirectly.
Scott L. Silver, the managing partner of the Silver Law Group, was an early proponent of the legislation and authored a primer on the SEC Whistleblower Program. Our legal team includes David R. Chase, a former SEC prosecutor now working to protect whistleblowers.
Silver Law Group and The Law Firm of David R. Chase are committed to the protection of whistleblowers through the SEC whistleblower claim process and can prosecute your whistleblower claims. If you have questions about your legal rights as a whistleblower, please contact Scott Silver of the Silver Law Group for a free consultation at firstname.lastname@example.org or toll-free at (800) 975-4345.