In a recent press release, the US Securities & Exchange Commission (SEC) announced the award of more than $6M in bounties in two separate orders. Both orders involve providing information to the SEC for two covered actions.
In the first order, the whistleblower was described as an “outside professional” who was the target of a product solicitation. Believing the product to be misrepresented, the individual contacted SEC staff to notify them of the activity. SEC staff opened an investigation, and the individual offered original information and continual assistance that led to a successful enforcement action. The Claims Review Staff (CRS) awarded this whistleblower “more than $3 million.”
In the second order, CRS awarded “over $3 million” after the individual voluntarily provided original information that produced another successful enforcement action. The whistleblower in this order was an insider who first filed an internal report, and then submitted detailed information to the SEC. The SEC subsequently initiated an investigation into the allegations. This whistleblower met with staff, offered additional information, and identified relevant and important witnesses and documents throughout the investigation.
Additionally, another enforcement action resulted from the same information originally provided by the second whistleblower. The second action was treated as part of the original covered action when making the award.
In her statement, Creola Kelly, Chief of the SEC’s Office of the Whistleblower, said, “When confronted with potential wrongdoing, today’s whistleblowers refused to look the other way, but instead, chose to do the right thing by reporting it to the SEC. Insiders and outsiders alike can make a tremendous impact on the SEC’s ability to detect misconduct and protect investors when they decide to become whistleblowers.”
The SEC does not release any information that could identify a whistleblower under the Dodd-Frank Act. This confidentiality protects the identity of the whistleblowers.
Since 2012, The SEC’s Office of the Whistleblower has awarded a total of $1.3 billion to 276 individuals who have participated in the program. The money is taken from financial sanctions levied against securities law violators through a fund established by Congress. Recovered investor funds are not used for whistleblower awards.
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 lawyers can represent you as a SEC whistleblower if you have information regarding: (1) accounting fraud, (2) payment of bribes to secure foreign business, (3) Ponzi schemes, (4) company false public filings and press releases, (4) stock market manipulations, (5) theft of investor funds, and (6) any other related fraudulent misconduct involving investments and the financial markets. 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.