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SEC Whistleblower Lawyer Blog

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The SEC (US Securities and Exchange Commission) has exacting criteria for both submission of whistleblower tips and their issuance of any financial bounties, including the amounts. How SEC Whistleblower Awards Are Determined The general rule for the award amount is 10% to 30% of all monetary fines collected from the entities in question based on a judgment in excess of $1 million. The money is not taken from investor funds. The fines and other civil penalties imposed on and collected from those involved in misconduct goes into the fund that pays the SEC’s whistleblower awards. Occasionally other federal agencies separately offer their own awards in addition to the SEC’s bounties. They are awarded and calculated separately from the SEC’s. The awards are not made automatically, and the whistleblower must submit a claim them once the case is published on the SEC’s website.The SEC (US Securities and Exchange Commission) has exacting criteria for both submission of whistleblower tips and their issuance of any financial bounties, including the amounts.

How SEC Whistleblower Awards Are Determined

The general rule for the award amount is 10% to 30% of all monetary fines collected from the entities in question based on a judgment in excess of $1 million. The money is not taken from investor funds. The fines and other civil penalties imposed on and collected from those involved in misconduct goes into the fund that pays the SEC’s whistleblower awards. Continue reading

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The U.S. Supreme Court has found that a whistleblower is entitled to protection from retaliation under federal law, and not required to show proof or intent from their employers. The Court ruled in favor of whistleblower Trevor Murphy who was awarded $900K in a jury verdict in 2017 after his employer, UBS, unlawfully fired him. The ruling was unanimous. SEC whistleblower attorney Scott Silver commented “This landmark Supreme Court decision will bolster whistleblower rights and protect whistleblower’s from retaliation in the workplace.” The justices then rejected UBS’s claim that Murray was required to show retaliatory intent for whistleblower protection under the Sarbanes-Oxley Act. This act is the law that governs corporate financial reporting and recordkeeping.The U.S. Supreme Court has found that a whistleblower is entitled to protection from retaliation under federal law, and not required to show proof or intent from their employers. The Court ruled in favor of whistleblower Trevor Murphy who was awarded $900K in a jury verdict in 2017 after his employer, UBS, unlawfully fired him. The ruling was unanimous.

SEC whistleblower attorney Scott Silver commented “This landmark Supreme Court decision will bolster whistleblower rights and protect whistleblower’s from retaliation in the workplace.” Continue reading

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The SEC (Securities & Exchange Commission) has filed a summary judgment against two former employees of Bridgewater, NJ-based Synchronoss Technologies, Inc. They are the former CFO, Karen Rosenberger, and the former Synchronoss controller, Joanna Lanni. The two engaged in accounting misconduct that led to the company’s overstatement of revenue. This led to the company meeting revenue expectations that it would not have otherwise. The SEC’s complaint details that Rosenberger aided and abetted the company’s public filing of false financial statements regarding five of Synchronoss’ transactions and engaged in fraud with three of them. The company had to later restate the five transactions. Two of these transactions were with AT&T, one of Synchronoss’s largest customers. Another transaction involved the company’s acquisition of another business.The SEC (Securities & Exchange Commission) has filed a summary judgment against two former employees of Bridgewater, NJ-based Synchronoss Technologies, Inc. They are the former CFO, Karen Rosenberger, and the former Synchronoss controller, Joanna Lanni. The two engaged in accounting misconduct that led to the company’s overstatement of revenue. This led to the company meeting revenue expectations that it would not have otherwise. Continue reading

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Scott Silver, has been selected as a top-rated securities litigation attorney by Super Lawyers for 2024. Scott was previously selected in 2021 and 2022. Lawyers ranked by Super Lawyers are generally considered to be the best lawyers in a particular practice area. Scott Silver formed a strategic alliance with attorney David Chase, a former SEC prosecutor, to represent SEC whistleblowers. This partnership combines their individual experience with SEC cases to offer whistleblowers strong legal representation and chance to maximize a whistleblower award. Both frequently speak on the subject at law schools, conferences, on podcasts, and other venues, and contribute thought provoking articles about the SEC whistleblower program to related publications. As chairman of the securities and financial fraud group of the American Association of Justice, Scott has spoken at many industry conferences about best practices in this unique practice area.Scott Silver, has been selected as a top-rated securities litigation attorney by Super Lawyers for 2024. Scott was previously selected in 2021 and 2022. Lawyers ranked by Super Lawyers are generally considered to be the best lawyers in a particular practice area.

Scott Silver formed a strategic alliance with attorney David Chase, a former SEC prosecutor, to represent SEC whistleblowers. This partnership combines their individual experience with SEC cases to offer whistleblowers strong legal representation and chance to maximize a whistleblower award. Both frequently speak on the subject at law schools, conferences, on podcasts, and other venues, and contribute thought provoking articles about the SEC whistleblower program to related publications. As chairman of the securities and financial fraud group of the American Association of Justice, Scott has spoken at many industry conferences about best practices in this unique practice area. Continue reading

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Attorney David R. Chase, part of the Securities Whistleblowers Attorneys team, has been again selected by SuperLawyers as a top-rated securities attorney for 2024. This is his third nomination after he was selected in 2021 and 2022. David’s experience as an SEC Enforcement Attorney gives him a strong understanding of how the Commission and its SEC whistleblower program function. Mr. Chase’s alliance with Scott Silver offers whistleblower clients optimal representation when dealing with the SEC. From working in the SEC's Division of Enforcement, David understands what type of information the SEC is most likely to investigate, and can guide whistleblowers through the process of submitting information to give whistleblowers the best chance of having their tip investigated and getting the largest award.Attorney David R. Chase, part of the Securities Whistleblowers Attorneys team, has been again selected by SuperLawyers as a top-rated securities attorney for 2024. This is his third nomination after he was selected in 2021 and 2022.

David’s experience as an SEC Enforcement Attorney gives him a strong understanding of how the Commission and its SEC whistleblower program function. Mr. Chase’s alliance with Scott Silver offers whistleblower clients optimal representation when dealing with the SEC. Continue reading

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In 2023 the SEC (Securities & Exchange Commission) handed out a record $600 million in bounties to whistleblowers responsible for billions in recovered funds. The funds are from fines and other financial penalties collected from companies that violate US securities laws. Whistleblowers can receive as much as 30% of the funds collected over $1 million. Since the beginning of the Whistleblower program in 2012, the SEC’s awards have totaled well over $1 billion. These awards incentivize those who contribute tips, and led to an increase of tip submissions to the SEC. Once submitted, there is an extensive process for processing and investigation before any monies are awarded. But while the SEC hasn’t awarded as many as in years past, 2023’s dollar amount was staggering.In 2023 the SEC (Securities & Exchange Commission) handed out a record $600 million in bounties to whistleblowers responsible for billions in recovered funds. The funds are from fines and other financial penalties collected from companies that violate US securities laws. Whistleblowers can receive as much as 30% of the funds collected over $1 million. Continue reading

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Would you sign an agreement with your broker-dealer if you knew you couldn’t complain if something went wrong? That’s exactly what JP Morgan required customers to do for three years, until the SEC stepped in. J.P. Morgan Securities LLC (JPMS) has paid $18 million in fines to settle charges that the firm required customers to sign an agreement prohibiting them from contacting the SEC if their credit or settlement exceeded $1,000. These agreements also required customers to keep all information confidential, including information related to their accounts. Customers were required to choose between receiving a settlement and reporting securities law violations to the SEC.Would you sign an agreement with your broker-dealer if you knew you couldn’t complain if something went wrong? That’s exactly what JP Morgan required customers to do for three years, until the SEC stepped in.

J.P. Morgan Securities LLC (JPMS) has paid $18 million in fines to settle charges that the firm required customers to sign an agreement prohibiting them from contacting the SEC if their credit or settlement exceeded $1,000. These agreements also required customers to keep all information confidential, including information related to their accounts. Customers were required to choose between receiving a settlement and reporting securities law violations to the SEC. Continue reading

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The SEC recently announced the award of over $28 million to seven individuals who submitted information to the Office of the Whistleblower that led to a successful enforcement action. The first whistleblower received $13 million Four whistleblowers received a joint award of $13 million Two whistleblowers received a joint award of $2 million The first whistleblower provided the SEC with highly detailed information that saved staff time and resources and helped return millions of dollars to defrauded investors. The second, third, fourth, and fifth whistleblowers also offered highly detailed information early in the investigation. They also participated in interviews, identified key witnesses, provided documentation, and other continuing assistance. Their assistance also led to the return of millions of dollars to defrauded investors in the case. The fifth and sixth whistleblowers began aiding SEC staff after the investigation had already begun, but participated in interviews, offered documentation and continuing assistance throughout the investigation. All seven whistleblowers voluntarily provided their information to the SEC after multiple attempts to report their concerns to company management. The first five whistleblowers “suffered hardships as a result” after these attempts to report concerns to the company.The SEC recently announced the award of over $28 million to seven individuals who submitted information to the Office of the Whistleblower that led to a successful enforcement action.

  • The first whistleblower received $13 million
  • Four whistleblowers received a joint award of $13 million
  • Two whistleblowers received a joint award of $2 million

Continue reading

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The SEC has released figures for recovery and returns for the Fiscal Year 2023. The press release details the record high $600 million paid to SEC whistleblowers, and the recovery of nearly $5 billion through a total of 784 enforcement actions, the second highest in history. Actions resulted in nearly $1 billion in returns to defrauded investors. FY2023 Statistics The SEC’s FY2023 year end results are: SEC whistleblower awards of $600 million, including a record $279 million awarded to a single whistleblower, paid with funds from administrative and financial penaltiesThe SEC has released figures for recovery and returns for the Fiscal Year 2023. The press release details the record high $600 million paid to SEC whistleblowers, and the recovery of nearly $5 billion through a total of 784 enforcement actions, the second highest in history. Actions resulted in nearly $1 billion in returns to defrauded investors. Continue reading

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In our previous post, we reviewed the major provisions of the Anti-Money Laundering Act of 2020 (AMLA), an expansion of the Bank Secrecy Act (BSA). We also started tackling the enforcement priorities of the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), the agency most responsible for anti-money laundering enforcement. Now that we have a sense of what AMLA is about and what prosecutors are focused on, we’ll look at how it expands the pool of eligible whistleblowers and the compensation they might receive. In December 2022, Congress amended the AMLA whistleblower program of 2020 with the intention of better aligning the AMLA program with successful whistleblower programs at the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Given the breadth of its statutory reach and the unique characteristics of its whistleblowing program, AMLA goes beyond both of those programs, however—and has the potential to become the most important whistleblowing program in the U.S.In our previous post, we reviewed the major provisions of the Anti-Money Laundering Act of 2020 (AMLA), an expansion of the Bank Secrecy Act (BSA). We also started tackling the enforcement priorities of the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), the agency most responsible for anti-money laundering enforcement. Now that we have a sense of what AMLA is about and what prosecutors are focused on, we’ll look at how it expands the pool of eligible whistleblowers and the compensation they might receive. Continue reading

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