Through three orders, the SEC issued awards to four people that totaled over $40 million.
- In the first proceeding, the SEC awarded two individuals a bounty of $37 million that provided crucial evidence leading to the success of the covered action. One individual helped SEC staff understand the evidence provided, and led to additional relevant information. The continuing assistance of both gave staff more information that helped to advance the investigation. Another governmental agency was involved with this action with its own separate “covered action.” Both whistleblowers received 50% of the bounty amount.
- In the second proceeding, the SEC awarded one individual $1.8 million for the new information they provided that saw SEC staff open a new investigation into misconduct. The individual quickly offered an internal report, and continued to provide SEC staff with information, documentation, and other assistance throughout the investigation. Charges in the affiliated covered action were a direct result of this individual’s contributions, which caused them to suffer hardships as a result.
- In the third proceeding, a whistleblower received an SEC bounty of $1.5 million for information and assistance in an existing investigation that led to a successful enforcement action. As with the previous two, this individual gave continued and substantial assistance to SEC staff throughout the investigation. This whistleblower provided new information that saved staff time and resources and helped staff to understand the issues involved.
“Credible tips of securities laws violations are a valuable component of the Commission’s enforcement program,” said Chief of the SEC’s Office of the Whistleblower, Creola Kelly. “The critical information provided by these whistleblowers aided the Commission’s investigations and helped the Commission bring these successful enforcement actions.”
While many people who decide to become whistleblowers receive eye-watering amounts of money, they frequently experience hardships because of speaking out long before receiving a bounty.
Many believe that by reporting the misconduct and/or fraud, their supervisors or management would take them seriously and seek corrective action. Unfortunately, that’s not always the case, especially when there is a breakdown in trust between an employee and their manager, supervisor, or company.
One of the most common hardships is retaliation, which can come in any number of forms:
- Reassignments within the company
- Negative employment evaluations
- Increased scrutiny by managers and supervisors
- Pay deductions
- Terminations or forced retirements
- Social ostracization by coworkers, such as being called a “snitch” or a “rat”
- Blacklisting that prevents someone from finding another job after a termination
Even though the law prohibits retaliation and protects whistleblowers, many will suffer hardships on the way to the conclusion of a case.
A whistleblower’s identity may be inadvertently revealed even if he or she reports the misconduct anonymously.
Retaining Experienced SEC Whistleblower Attorneys
Whistleblowers help everyone by notifying authorities of conduct that harms the public, while also earning financial compensation for themselves. Hiring experienced SEC counsel will greatly increase your chances of the SEC initiating an investigation based on your information. If you wish to remain anonymous, you must be represented by an attorney, who will submit everything on your behalf.
Silver Law and the Law Firm of David R. Chase jointly have experienced SEC whistleblower lawyers, including a former SEC Enforcement attorney on the team. Our SEC whistleblower attorneys can help you if you have information regarding securities or investment fraud, violations of federal securities laws, false filings, market manipulation, or other misconduct. You must provide timely, credible, and original information or analysis in order to be eligible.
Contact us through our online form or at (800) 975-4345 for a no-cost consultation. Our attorneys work on a contingency fee basis. This means that it costs you nothing to hire us, and we collect our fees when you receive an SEC bounty. Because we get paid when you do, we have the incentive to help you collect the maximum award available.