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 Dodd-Frank Act requires that the SEC protect the identity of all whistleblowers. This includes keeping secret any information that may reveal the identity of an individual, as well as other confidential details. This privacy also encourages others to come forward with solid information that helps the SEC in their investigations and enforcement actions.
You can report a tip and learn more about the SEC’s whistleblower program at their website, www.sec.gov/whistleblower.
Retaining Experienced SEC Whistleblower Attorneys
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. To be eligible, you must provide timely, credible, and original information or analysis.
Whistleblowers help the public by notifying authorities of conduct that harms the public, while also earning financial compensation for themselves.
Contact us through our online form or at (800) 975-4345 for a consultation. Our attorneys work on a contingency fee basis, which means it costs nothing to hire us and we have the incentive to get you the maximum award.