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 that enabled the SEC to stop a fraudulent scheme. The second award for over $800,000 was issued to a whistleblower who provided the SEC with evidence of false and misleading statements made to investors, including providing documents to the SEC and participating in interviews with SEC investigators. The whistleblower helped lead to the return of millions of dollars to investors.
New Whistleblower Reporting Requirements
Both Award Orders pointed out that the whistleblowers followed new reporting requirements related to filing “Tip, Complaint, Referral” or “TCR” reports with the SEC. In order to be eligible for a whistleblower award, whistleblowers must file a TCR within 30 days of providing information to the SEC or becoming aware of the TCR filing requirement. Whistleblowers are considered to be aware of the TCR filing requirement when they hire an attorney in connection with their claims. In both of these whistleblower awards the SEC found that the whistleblowers were eligible because they had submitted TCR reports within 30 days of learning that they had to do so.
“As these awards show, deserving whistleblowers may receive an award if they comply with the Form TCR filing requirements within 30 days of first obtaining actual or constructive notice of the filing requirement or 30 days from the date the whistleblower hires a lawyer to represent them in connection with the whistleblower’s previous submission of information to the Commission, whichever occurs first, and they otherwise meet the eligibility requirements,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “These whistleblowers earned their awards by providing high quality information that supported a pair of successful Commission enforcement actions.”
Call a SEC Whistleblower Attorney Today
If you are thinking about whether to blow the whistle, or are subject to a confidentiality agreement that you think is illegal, you should contact our experienced SEC whistleblower attorneys today. We can guide you in collecting the documents and evidence you need to convince the SEC to take your case and bring an enforcement action against the company you’re blowing the whistle on.
We have the unique skills and knowledge to represent SEC whistleblowers. As employment attorneys, we understand your rights at work, and can navigate how to protect you. As former defense-side securities lawyers who were hired to defend these kinds of enforcement actions, we also know the ins and outs of securities laws and can help you and the SEC prove the fraud.