In 2023 the SEC (Securities & Exchange Commission) handed out a record $600 million in bounties to whistleblowers responsible for billions in recovered funds. The funds are from fines and other financial penalties collected from companies that violate US securities laws. Whistleblowers can receive as much as 30% of the funds collected over $1 million.
Since the beginning of the Whistleblower program in 2012, the SEC’s awards have totaled well over $1 billion. These awards incentivize those who contribute tips, and led to an increase of tip submissions to the SEC. Once submitted, there is an extensive process for processing and investigation before any monies are awarded. But while the SEC hasn’t awarded as many as in years past, 2023’s dollar amount was staggering.
- January 2023, $18 million. Three individuals shared this award. The first whistleblower offered information that began the investigation, and the second and third whistleblowers submitted additional relevant information that bolstered the SEC’s case.
- May 2023, $279 million. This was the largest award in the history of the SEC’s Whistleblower program, made to just a single individual. The identity of the whistleblower and the company were not disclosed by the SEC, in keeping with the confidentiality clause. However, the Wall Street Journal reported that it was related to wrongdoing by telecom giant Ericsson for violations of the Foreign Corrupt Practices Act.
- August 2023, $104 million. Divided among seven individuals, the total amount of the award came from the SEC and another unnamed federal agency.
- August 2023, $18 million. This award was made to one individual who first reported the misconduct internally and then to the SEC.
- December 2023, $28 million. Seven individuals shared this award after submitting information at different points during the case.
These cases helped the SEC recover a record $930 million in funds returned to defrauded investors.
Retaining Top 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 Group 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.