In the SEC’s latest press release, seven individuals have received bounties after supplying credible information and continued assistance that led to a successful enforcement action. The same information and assistance led to another successful related action by a different federal agency. The bounty of $104 million is the fourth largest award in the history of the SEC’s Whistleblower program.
Three single claimants and two sets of joint claimants submitted timely information and offered considerable assistance to SEC staff that allowed them to pursue actions against the company for documented misconduct. The same information was used by another agency and led to two more related actions that included awards.
The original covered action from the SEC led to a successful enforcement action. This action included a cease-and-desist order against the unnamed company and charges of misconduct in three of its named territories (defined as “A,” “B,” and “C” in the SEC’s order.) The unnamed company also agreed to pay disgorgement and prejudgment interest to settle the charges with the SEC.
The two related actions came from the same facts that brought about the SEC’s covered action. The company paid penalties for both related actions.
Claimants 1, 2, 3, 4, 5, and 6 each requested a related action award related to the first related action. Claimants 5, 6, 7, and 8 sought a related action award in connection with the second. The Claims Review Staff (CRS) reviewed each and granted awards according to each claimant’s contribution.
Three of the claimants, two of them joint claimants, were foreign nationals who oversaw one of the companies three territories. Four of the individuals experienced “retaliation and other hardships” because of their reporting misconduct to the SEC. Three other claimants, for various reasons, did not qualify to be included in the whistleblower awards.
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 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.