The SEC announced another whistleblower bounty that paid nearly $3.5 million to four individuals.
Jointly, three whistleblowers provided information to the SEC that led to the staff opening an investigation. The investigation led to a successful enforcement action by the SEC. Additionally, that information and investigation led to another agency opening its own investigation, culminating in a separate enforcement action.
The fourth whistleblower used publicly available information to offer additional insights to the SEC. This information and analysis showed additional allegations to the staff that furthered the investigation. However, this whistleblower was “an outsider not affiliated with the Company.” The individual’s analysis from public information was highly detailed and took considerable time and effort to research and collate, such as changes in the company’s stock pricing. The report submitted to the SEC took approximately seven weeks to complete.
This whistleblower’s information and analysis “bridged the gap” between public information and potential securities violations. Taken together, the information shows possible securities violations where they wouldn’t have shown any violations individually. It also “revealed allegations that were not previously known to Commission staff.” However, this individual was not covered for the “other agency action,” since the information didn’t significantly contribute to that agency’s action.
The SEC has now awarded more than $1.3 billion to 273 whistleblowers since the program began in 2012. As always, details of the identities of the whistleblowers have been redacted from all public information to protect the individuals involved, as detailed in the Dodd-Frank Act.
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.