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Articles Posted in Whistleblower award

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In two separate cases, the SEC has awarded four individuals sums that total over $31 million for critical information that led to successful enforcement actions. The first award of $27 million went to two individuals who not only provided the agency with vital information, they offered continual assistance and met in-person with agency staff on three different days. Their information and ongoing assistance for an existing investigation helped secure the specific allegations that led to charges against the company. A third individual involved with this case was denied any award because they provided no information to the agency during the course of the investigation. In the second case, the agency awarded $3.75 million to one tipster, and $750,000 to the second. Ironically, the individual who was awarded the larger amount had their original claim denied, but appealed the decision. That information they provided led to a claim against an individual, and ultimately an award, by proving that it was provided voluntarily and prior to the request. The agency later stated that the individual awarded the larger amount “provided information and assistance that was more important to the resolution of the overall case.”In two separate cases, the SEC has awarded four individuals sums that total over $31 million for critical information that led to successful enforcement actions.

The first award of $27 million went to two individuals who not only provided the agency with vital information, they offered continual assistance and met in-person with agency staff on three different days. Their information and ongoing assistance for an existing investigation helped secure the specific allegations that led to charges against the company. Continue reading

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The Securities & Exchange Commission (SEC) announced today the award of $3.6 million to a whistleblower whose assistance helped the agency with another case. The individual offered “valuable information” to the agency’s attention, leading to a new investigation of wrongdoing and violations of federal securities laws. The whistleblower’s sustained assistance to SEC staff allowed the agency to continue its investigation, leading to a successful enforcement action. The identity of the whistleblower is confidential, as well as defining facts about the investigation and subsequent enforcement action. However, the SEC releases some information to let the public know about the battle against fraud and other investment-related crimes, as well as to encourage others to come forward if they witness wrongdoing. The SEC has handed more than $800 million in awards to individuals who have submitted tips and other information that resulted in an enforcement action. Awards are based on the amount of financial sanctions (money) recovered from the companies engaged in wrongdoing. An award is usually made if there are more than $1M in fines and fees, and are from 10% to 30% of the sanctions. Investor funds are returned whenever possible, and are never part of these awards.The Securities & Exchange Commission (SEC) announced today the award of $3.6 million to a whistleblower whose assistance helped the agency with another case.

The individual offered “valuable information” to the agency’s attention, leading to a new investigation of wrongdoing and violations of federal securities laws. The whistleblower’s sustained assistance to SEC staff allowed the agency to continue its investigation, leading to a successful enforcement action. Continue reading

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The SEC announced today that it has awarded $22 million to two individuals who provided “information and assistance” to the agency that resulted in a successful enforcement action against a financial services firm. The first whistleblower received a whopping $18 million award due to being the original source of information that started the investigation. The agency awarded the second whistleblower $4 million submitted important information during the course of the investigation, after it began. Both whistleblowers provided reliable information and offered assistance that helped the agency in understanding the complexity of the transactions related to the investigation. Whistleblowers can become eligible for awards when they provide the agency reliable information that leads to a successful enforcement action.The SEC announced today that it has awarded $22 million to two individuals who provided “information and assistance” to the agency that resulted in a successful enforcement action against a financial services firm.

The first whistleblower received a whopping $18 million award due to being the original source of information that started the investigation. Continue reading

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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

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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

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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

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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

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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 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

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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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