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SEC Whistleblower Lawyer Blog

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On December 1, 2020, the Securities and Exchange Commission (SEC) announced that two whistleblowers had been awarded over $6 million for providing information and assistance that led to a successful enforcement action. The SEC’s press release called the whistleblowers’ assistance substantial and stated that they provided it to the SEC and another government agency. Their assistance included providing documents, taking part in interviews, and identifying individuals involved in the misconduct. Jane Norberg, Chief of the SEC’s Office of the Whistleblower said “The whistleblowers’ information led to multiple successful government actions related to a complex scheme involving several individuals and tens of millions of dollars in ill-gotten gains. Today’s award demonstrates the significant contributions whistleblowers make to investigations that can save the SEC and other government agencies substantial time and resources.”On December 1, 2020, the Securities and Exchange Commission (SEC) announced that two whistleblowers had been awarded over $6 million for providing information and assistance that led to a successful enforcement action.

The SEC’s press release called the whistleblowers’ assistance substantial and stated that they provided it to the SEC and another government agency. Their assistance included providing documents, taking part in interviews, and identifying individuals involved in the misconduct. 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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Our attorneys are investigating Northstar Financial Services (Bermuda) regarding possible misconduct related to their various investment and insurance products and the broker-dealers who sold them. If you have information regarding any misconduct or violations of securities laws, or if you are a victim investor, our attorneys are interested in speaking with you. Among the investments offered by Northstar are: Global Index Product Global Advantage Select Global Interest Accumulator Global Advantage Plus Series Global VIP Elite What Is Northstar Financial Services (Bermuda) Ltd.? Northstar Financial Services was created in the 1990s and offered fixed- and variable-rate annuity and investment products. Being based in Bermuda was supposed to offer tax benefits.Our attorneys are investigating Northstar Financial Services (Bermuda) regarding possible misconduct related to their various investment and insurance products and the broker-dealers who sold them. If you have information regarding any misconduct or violations of securities laws, or if you are a victim investor, our attorneys are interested in speaking with you.

Among the investments offered by Northstar are: Continue reading

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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

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A whistleblower complaint was filed in Miami-Dade Circuit Court, which accuses the nonprofit organization Shake-A-Leg Miami of tax law violations, Florida law and Fair Labor Standards violations, and county ordinance violations. The complaint was filed by Jason Krieger, who was employed as the chief operating officer of Shake-A-Leg Miami starting in January, 2020. Whistleblower attorney Scott Silver was interviewed by Law.com/Daily Business Review, and emphasized the need for quick action if the whistleblower’s allegations are true: “Immediately, begin an investigation, identify wrongdoers, seek the return of the money that was improperly taken. And ultimately, give the community the confidence that the foundation itself doesn’t have the problem and clean up the wrongdoing,” Scott said.A whistleblower complaint was filed in Miami-Dade Circuit Court, which accuses the nonprofit organization Shake-A-Leg Miami of tax law violations, Florida law and Fair Labor Standards violations, and county ordinance violations.

The complaint was filed by Jason Krieger, who was employed as the chief operating officer of Shake-A-Leg Miami starting in January, 2020. Continue reading

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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

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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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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.” Though nothing else is revealed about this award, the SEC states that whistleblowers can receive between 10% and 30% of the money collected when the sanction is $1 million or more. For this whistleblower to receive $28 million, that means the SEC collected a sanction somewhere between about $93 million and $280 million.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

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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. To understand just how large this award is, the SEC recently announced that it had a record fiscal year with $175 million awarded to 39 whistleblowers. This award is $114 million to a single whistleblower. The next biggest award was $50 million, made to an individual in 2020. SEC Chairman Jay Clayton said “Whistleblowers make important contributions to the enforcement of securities laws and we are committed to getting more money to whistleblowers as quickly and efficiently as possible.” Scott Silver, Esq. a leading SEC Whistleblower attorney, commented “This large award highlights the success of the SEC whistleblower program and the recognition that those who report fraud, especially those who work inside some of Wall Street’s largest investment banks, can be confident that the SEC will work with whistleblowers and their counsel to rectify wrongdoing and protect the whistleblower.”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

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