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SEC Whistleblower Lawyer Blog

Articles Posted in SEC Whistleblower

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

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

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

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

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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