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 to investigators by participating in meetings and supplying high-quality evidence.
“Today’s award demonstrates the value of whistleblowers to the SEC’s enforcement efforts,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “We hope that this award encourages others with information regarding possible securities laws violations to report to the Commission.”
Financial Fraud Whistleblowers Can Receive Awards From The SEC
Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10-30% of the money collected when the monetary sanctions exceed $1 million. Since issuing the first of these awards in 2012, the SEC has granted approximately $736 million to 128 individual whistleblowers.
Whistleblowers Can Be Anonymous
Under the 2010 Dodd Frank Act, the SEC will protect the confidentiality of a whistleblower’s identity.
If You See Corporate Fraud, Talk to An Experienced Employment Attorney
If you are thinking about whether to blow the whistle, 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.