On March 26, the SEC announced that it was going to award a total of $50 million to two whistleblowers who assisted in an enforcement action. They provided the SEC with very important information which allowed the SEC to take action. One whistleblower was awarded $13 million, and the other one was awarded $37 million. The $37 million is the SEC’S third-highest award.
This situation shows how important whistleblowers are to the SEC. This investigation, and other previous investigations, would have never come to resolutions without information from whistleblowers.
In this case, the specifics of what the whistleblowers helped with hasn’t been stated to the public. However, one of the whistleblowers is said to be a JPMorgan executive.
The SEC stated that JPMorgan did not provide its clients with essential information that was needed to make some decisions about an investment.
One representative for the tipsters stated that whistleblowers are doing the right thing in the long run. “Blowing the whistle is rarely easy, and it certainly hasn’t been for my client, but this historic SEC whistleblower award and related enforcement action reaffirms that doing the right thing pays. Thanks to the SEC whistleblower program, today corporate whistleblowers know that the commission has their back and blowing the whistle anonymously dramatically increases probability of a happy ending.”
Silver Law Group is a nationally-recognized securities law firm headquartered in South Florida representing investors worldwide with their claims for losses due to securities and investment fraud. The firm has successfully recovered multi-million dollar awards for its clients through securities arbitration and the courts. To contact Scott L. Silver to discuss your legal matter, call toll-free (800) 975-4345 or e-mail him at SSilver@silverlaw.com.