The SEC recently announced that it has awarded a bounty of more than $28 million to “joint whistleblowers” who offered information and assisted in a successful enforcement action. The order indicated that there were four individuals, who will each receive 25% of the total, or roughly $7 million each.
The SEC decided to consolidate the four individuals into a single Claimant entity, stating in the order:
We have determined to treat the Joint Claimants jointly as a “whistleblower” for purposes of the award determination given that they jointly submitted their information to the Commission through the same counsel and provided substantively identical whistleblower award applications. See Exchange Act Section 21F(a)(6) (defining “whistleblower” to mean “2 or more individuals acting jointly who provide information relating to a violation of the securities laws to the Commission”) . . . the Office of the Whistleblower is directed to pay each of them individually 25% of their joint award.
The SEC’s Order continues that the court-appointed Receiver in the case recovered funds that have since been returned to the investors harmed by the actions of the Entity Defendants.
The request by Claimant 2 was denied for failing to follow proper SEC procedure for voluntarily submitting information.
Retaining Experienced SEC Whistleblower Attorneys
SEC 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 Group and the Law Firm of David R. Chase jointly have experienced SEC whistleblower lawyers, including a former SEC Enforcement attorney on the team, so you will always have guidance throughout the process. 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 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.