The SEC has announced its latest whistleblower bounty of approximately $9 million to one individual. The amount represents a percentage of the collected monetary sanctions from the enforcement actions.
In the press release, the SEC stated that the individual “repeatedly” reported their concerns internally before submitting their information to the Enforcement Division. The whistleblower then provided “substantial and ongoing cooperation” to SEC staff, which included substantial, comprehensive information that led to a successful enforcement action.
Creola Kelly, Chief of the SEC’s Office of the Whistleblower, stated “The whistleblower in this case provided critical information and continuing assistance that helped the agency recover millions of dollars for harmed investors.” The whistleblower continued to work with SEC staff to ensure that staff had everything they needed to begin, conduct, and conclude the investigation, which led to charges and financial recovery.
SEC whistleblower awards are not paid from recovered investor funds, but from a congressionally established investor protection fund made of monies collected from wrongdoers. When financial sanctions exceed $1M, the awards can be 10% to 30% of the money collected.
Eligibility includes providing SEC with timely and original information that leads to a successful enforcement action. Once the information is published on the SEC’s website, a whistleblower must apply for the award within 90 days of publication of the notice. The SEC’s Claims Review Staff (CRS) will then review the application and make a determination. If the individual does not agree with the CRS’s preliminary determination, they have the option to contest that decision.
Retaining Experienced SEC Whistleblower Attorneys
Whistleblowers help everyone by notifying the SEC of conduct that harms the investing public, while also earning financial compensation for themselves. Hiring experienced SEC counsel may greatly increase the probability that the SEC will initiate 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 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 only if you receive an SEC bounty. Because we get paid when you do, we have the incentive to help you collect the maximum award available.