The SEC has announced its latest whistleblower bounty of $6 million to five individuals in two groups for one single covered action.
The first group, known as “Claimant 1” in the order, provided crucial documents to the SEC that led to requests for additional documentation. These documents were the crux of the SEC’s case. The individuals continued to provide documentation and information to help SEC staff to understand the company’s business practices.
The second group was called “Claimant 2” in the order. These individuals provided firsthand accounts of the ongoing wrongdoing to the SEC, since they were familiar with the business processes and systems of the defendant in question. “Claimant 2” also sat for interviews, offered continued assistance, and gave on-the-record testimonies in the case.
All five individuals also provided ongoing assistance to the SEC throughout the investigation.
A third claimant was involved, but their award claim was denied by the Claims Review Staff (CRS.) The claimant did not request reconsideration of the decision.
Whistleblower bounties are generally from 10% to 30% of monies collected over $1 million. The actual amount varies based on the circumstances and the amount collected. These monies are not taken from any funds recovered on behalf of defrauded investors.
In the SEC order, these amounts are redacted to protect the identities of all claimants and whistleblowers involved in the case.
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, 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.