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SEC Whistleblower Lawyer Blog

Articles Posted in SEC Whistleblower

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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

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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

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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

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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

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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

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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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On November 3, 2020, the SEC (Securities and Exchange Commission) announced in a press release that it had awarded more than $28 million to a whistleblower who “provided significant information that aided the SEC in bringing a successful enforcement action.” The SEC protects whistleblowers’ confidentiality and does not reveal identifying information about them. The only details the SEC has revealed about the whistleblower are that they reported information internally and “saved the staff time and resources by providing testimony and identifying a key witness.” Though nothing else is revealed about this award, the SEC states that whistleblowers can receive between 10% and 30% of the money collected when the sanction is $1 million or more. For this whistleblower to receive $28 million, that means the SEC collected a sanction somewhere between about $93 million and $280 million.On November 3, 2020, the SEC (Securities and Exchange Commission) announced in a press release that it had awarded more than $28 million to a whistleblower who “provided significant information that aided the SEC in bringing a successful enforcement action.”

The SEC protects whistleblowers’ confidentiality and does not reveal identifying information about them. The only details the SEC has revealed about the whistleblower are that they reported information internally and “saved the staff time and resources by providing testimony and identifying a key witness.” Continue reading

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The Securities and Exchange Commission (SEC) announced a $114 million whistleblower award, which is the highest in the program’s history. The whistleblower’s information and help led to a successful enforcement action. The SEC’s press release states that the massive award is made up of a $52 million award related to the SEC case and a $62 million award from actions by another agency, which is not named. To understand just how large this award is, the SEC recently announced that it had a record fiscal year with $175 million awarded to 39 whistleblowers. This award is $114 million to a single whistleblower. The next biggest award was $50 million, made to an individual in 2020. SEC Chairman Jay Clayton said “Whistleblowers make important contributions to the enforcement of securities laws and we are committed to getting more money to whistleblowers as quickly and efficiently as possible.” Scott Silver, Esq. a leading SEC Whistleblower attorney, commented “This large award highlights the success of the SEC whistleblower program and the recognition that those who report fraud, especially those who work inside some of Wall Street’s largest investment banks, can be confident that the SEC will work with whistleblowers and their counsel to rectify wrongdoing and protect the whistleblower.”The Securities and Exchange Commission (SEC) announced a $114 million whistleblower award, which is the highest in the program’s history. The whistleblower’s information and help led to a successful enforcement action.

The SEC’s press release states that the massive award is made up of a $52 million award related to the SEC case and a $62 million award from actions by another agency, which is not named. Continue reading

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On September 30, 2020 the Securities and Exchange Commission (SEC) announced that it had awarded nearly $5 million to four whistleblowers who provided information on wrongdoing to the SEC that led to a successful enforcement action. The SEC has awarded $175 million to 39 whistleblowers this fiscal year, which is more than in any previous year. Stephanie Avakian, Director of the Division of Enforcement said “Today marks the end of a record-setting year for the whistleblower program. We’ve made significant strides to further streamline and accelerate the evaluation of claims under the rules, substantially increasing the rate at which whistleblower claims are evaluated and awards are issued.” The SEC’s press release states that one of the whistleblowers was awarded almost $2.9 million for “alerting the Commission to hard-to-detect violations. The whistleblower provided critical information and supporting evidence that conserved SEC time and resources.”On September 30, 2020 the Securities and Exchange Commission (SEC) announced that it had awarded nearly $5 million to four whistleblowers who provided information on wrongdoing to the SEC that led to a successful enforcement action. The SEC has awarded $175 million to 39 whistleblowers this fiscal year, which is more than in any previous year.

Stephanie Avakian, Director of the Division of Enforcement said “Today marks the end of a record-setting year for the whistleblower program. We’ve made significant strides to further streamline and accelerate the evaluation of claims under the rules, substantially increasing the rate at which whistleblower claims are evaluated and awards are issued.” Continue reading

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