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SEC Whistleblower Lawyer Blog

Articles Posted in Whistleblower award

The US Securities & Exchange Commission (SEC) recently awarded $1.7 million to two whistleblowers who provided critical information within 30 days via Form TCR (Tip, Complaint or Referral). Both provided their information in accordance with the new Securities and Exchange Act Rule 21F-9(e).  The first award saw a whistleblower receive $900,000 after providing information on a fraudulent scheme that recurrently defrauded investors. The provided evidence allowed the SEC to further a continuing investigation that ultimately led to a shutdown of operations. The whistleblower offered a significant amount of evidence that included an essential declaration.  The second whistleblower offered critical evidence of “false and misleading statements made to investors.” The individual produced documents as well as participated in interviews during the investigation. As a result, defrauded investors saw millions in returns, and the SEC awarded this individual $800,000. The US Securities & Exchange Commission (SEC) recently awarded $1.7 million to two whistleblowers who provided critical information within 30 days via Form TCR (Tip, Complaint or Referral). Both provided their information in accordance with the new Securities and Exchange Act Rule 21F-9(e). Continue reading

The SEC announced yet another award to a whistleblower who helped initiate a successful enforcement action.  Jane Norberg, Chief of the SEC’s Office of the Whistleblower, stated:  “The whistleblower alerted the SEC to previously unknown conduct and thereafter provided multiple submissions, identified potential witnesses, and met with staff on several occasions. As the numerous recent awards make clear, whistleblowers like the one awarded today play an integral part in the success of the SEC’s enforcement program.”    The whistleblower will receive an award of $1.5M for providing information and assistance to the agency that led to the successful enforcement action.  Whistleblowers are awarded monies when they provide “original, timely, and credible information” to the agency that concludes with a successful enforcement action like this one. The award monies are taken from a fund established by Congress of collected financial sanctions from wrongdoers. Nothing is taken from defrauded or harmed investors. When sanctions exceed $1M, the individual may be eligible for an award ranging from 10% to 30% of the collected monies.The SEC announced yet another award to a whistleblower who helped initiate a successful enforcement action.

Jane Norberg, Chief of the SEC’s Office of the Whistleblower, stated:

“The whistleblower alerted the SEC to previously unknown conduct and thereafter provided multiple submissions, identified potential witnesses, and met with staff on several occasions. As the numerous recent awards make clear, whistleblowers like the one awarded today play an integral part in the success of the SEC’s enforcement program.”   Continue reading

Two whistleblowers who notified the Securities & Exchange Commission about misconduct that occurred outside of the US were rewarded by the agency today. The SEC announced that it has awarded $5M to these two overseas whistleblowers. Their information about the misconduct supported several allegations that led to an enforcement action. The whistleblowers filed a joint tip that ended up with an SEC investigation into misconduct occurring abroad that violated US securities laws. The information provided by these individuals exposed misconduct that would otherwise been more difficult for the agency to uncover. Whistleblowers from 130 countries have provided information to the SEC since its inception in 2012. US Securities violations occur from all around the world, so the SEC encourages people from outside the US from any country to submit information they believe is critical to uncovering and combating potential violations.Two whistleblowers who notified the Securities & Exchange Commission about misconduct that occurred outside of the US were rewarded by the agency today.

The SEC announced that it has awarded $5M to these two overseas whistleblowers. Their information about the misconduct supported several allegations that led to an enforcement action. Continue reading

The SEC’s Office of the Whistleblower recently awarded two individuals a total of $2.9M in payments after alerting investigators to improper conduct in two separate cases. In a press release dated February 19, 2021, the SEC announced two awards:  The first case led to a $2.2 million whistleblower award after providing investigators with quality information that resulted in an SEC enforcement action. Because of this information, the SEC was able to thwart wrongdoing and return millions of dollars to the defrauded investors. The whistleblower in the second case alerted the SEC to a fraudulent reporting scheme that led to the investigation. This whistleblower helped to identify key documents and witnesses, as well as provided other crucial evidence in the case. The SEC awarded this whistleblower $700,000 as a result.  Jane Norbeg, Chief of the SEC’s Office of the Whistleblower stated: “Both whistleblowers who received awards today raised their concerns internally and then timely reported those concerns to the Commission. The return of millions of dollars to harmed clients in one matter, and the uncovering of a fraudulent scheme in the other matter, underscore the tremendous value that whistleblowers provide.”The SEC’s Office of the Whistleblower recently awarded two individuals a total of $2.9M in payments after alerting investigators to improper conduct in two separate cases. In a press release dated February 19, 2021, the SEC announced two awards:

  • The first case led to a $2.2 million whistleblower award after providing investigators with quality information that resulted in an SEC enforcement action. Because of this information, the SEC was able to thwart wrongdoing and return millions of dollars to the defrauded investors. Continue reading

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 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

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

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