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SEC Whistleblower Lawyer Blog

SEC Awards Whistleblower $2.5M Bounty For Assistance

On April 9, 2021, The SEC announced the award of $2.5 million to a whistleblower for information and assistance that led to a successful enforcement action.  This case involved a breach of fiduciary duty that was owed to investors. The SEC determined that the individual voluntarily provided “significant ongoing assistance” which included information and meeting with staff. This whistleblower provided key information that helped the SEC bring their enforcement action.  The company was engaged in ongoing violations of the federal securities laws, which led to law enforcement interest. Additionally, the whistleblower also reported  concerns internally to the company prior to notifying the SEC.  A second claimant was involved in this case, but the SEC’s Claims Review Staff (CRS) determined it ineligible. The claimant decided not to request a review of this preliminary determination.   The SEC decides on an award by treating both the administrative and judicial facts as a single “covered action,” since the case arose from the same information. An SEC bounty can be anywhere from 10% to 30% of recovered funds that total over $1 million from civil monetary penalties and disgorgement. These bounties are never taken from defrauded investor funds.On April 9, 2021, The SEC announced the award of $2.5 million to a whistleblower for information and assistance that led to a successful enforcement action.

This case involved a breach of fiduciary duty that was owed to investors. The SEC determined that the individual voluntarily provided “significant ongoing assistance” which included information and meeting with staff. This whistleblower provided key information that helped the SEC bring their enforcement action.

The company was engaged in ongoing violations of the federal securities laws, which led to law enforcement interest. Additionally, the whistleblower also reported  concerns internally to the company prior to notifying the SEC.

A second claimant was involved in this case, but the SEC’s Claims Review Staff (CRS) determined it ineligible. The claimant decided not to request a review of this preliminary determination.

The SEC decides on an award by treating both the administrative and judicial facts as a single “covered action,” since the case arose from the same information. An SEC bounty can be anywhere from 10% to 30% of recovered funds that total over $1 million from civil monetary penalties and disgorgement. These bounties are never taken from defrauded investor funds.

Retaining Experienced SEC Whistleblower Attorneys

SEC whistleblowers help everyone by notifying authorities of conduct that harms the public, while also earning financial compensation for themselves. Hiring experienced SEC whistleblower lawyers may greatly increase your chances of the SEC initiating an investigation based on your tip. 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 substantial experience representing SEC Whistleblowers. Our SEC whistleblower attorneys, which includes a former SEC Enforcement Attorney, 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 only 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.

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