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.
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.”
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.” 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. 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. 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.” 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. 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.” Continue reading
The Commodities Futures Trading Commission (CFTC) has announced a whistleblower award without revealing the dollar amount of the award in order to protect the whistleblower’s identity.
The CFTC may be making a habit of withholding the amount of whistleblower awards. Whistleblower attorney Scott Silver calls it “An important additional step that insulates whistleblowers from being identified and facing personal and professional retaliation.” Continue reading