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SEC Announces $1.7 Million In Whistleblower Awards

On February 25, the U.S. Securities and Exchange Commission (SEC) announced two whistleblower awards totaling more than $1.7 million.  Two Awards For More Than $1.7 Million The first of the two new awards for more than $900,000 was issued to a whistleblower who provided significant evidence connected to an ongoing investigation...

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SEC Charges GPB Capital for Whistleblower Retaliation and Running “Ponzi-Like” Scheme

On February 4, the U.S. Securities and Exchange Commission (SEC) announced charges against investment adviser GPB Capital and individuals affiliated with the firm, including its owner and CEO, David Gentile and Jeffry Schneider, the owner of GPB Capital’s placement agent Ascendant Capital. The SEC alleged  that the firm and its affiliates had...

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SEC Awards Over $1.1 Million To Five Whistleblowers

On January 7, the Securities and Exchange Commission announced that it had awarded more than $1.1 million to five whistleblowers for producing information that led to a successful enforcement action. The SEC Relies on Whistleblowers to Fight Securities Fraud The SEC’s first order awarded almost $500,000 to three whistleblowers...

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SEC Issues Record Breaking Whistleblower Awards

The SEC has already made whistleblower awards of almost $180 million to 22 individuals in the first quarter of fiscal 2021–which runs from October 1, 2020 through December 31, 2020. In fiscal year 2020, the SEC paid a record $175 million to 39 tipsters, but it has already broken...

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SEC Issues New Rules for Whistleblower Awards

This fall, the Securities and Exchange Commission revamped its whistleblower awards program for the first time in 10 years. Those reforms — touching on who is eligible to receive an award for bringing tips to the agency; how large the award might be; and the actual process to submit...

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SEC Whistleblower Awarded More Than $1.6 Million

On December 22, 2020, the SEC awarded a whistleblower more than $1.6 million for providing a tip which directly led to a successful enforcement action. Whistleblowers Are Key to Fighting Corporate Fraud The whistleblower produced crucial information and personal knowledge about an ongoing fraudulent scheme, while offering extensive assistance...

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SEC Awards Whistleblowers $3.6 Million for Reporting Fraud

On December 18, 2020, the SEC announced three different whistleblower awards totaling over $3.6 million. Because the SEC does not disclose details about its whistleblower awards unless the enforcement action is public, there is no information about the cases themselves except for the SEC’s bare-bones press release. (This is...

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SEC Awards More Than $300,000 to Audit Whistleblower

On December 14, the Securities and Exchange Commission announced that it had awarded more than $300,000 to a whistleblower for sharing information that lead to a successful enforcement action. Audit Professionals Often Have Information About Illegal Practices The whistleblower became aware of the potential securities law violations in connection...