SEC Awards Nearly $55 Million to Two Whistleblowers
On September 6th, 2018, the Securities and Exchange Commission (SEC) announced two new whistleblower awards. One SEC whistleblower was awarded $15 million for disclosures, and another was awarded more than $39 million — that being the second largest award in the history of the program.
At Carlson & Associates, P.A., our Miami SEC whistleblower attorneys are proud advocates for securities industry insiders who help bring justice to investors through the disclosure of important information to regulators. Here, we provide an overview of these two most recent awards and highlight some of the most important things prospective whistleblowers need to know about the program.
Two SEC Whistleblowers Help Facilitate Enforcement Action
According to officials from the Securities and Exchange Commission, these two whistleblowers helped provide much needed information that made it possible for the agency to bring enforcement action. As always, the public will not learn specific information about the information that was disclosed or which enforcement action these disclosures are related to. This is because the SEC whistleblower award program is strictly confidential. To protect the career options of securities industry whistleblowers, neither their identity nor details about their case will be disclosed to the public.
You Can Report Information Through an SEC Lawyer
If you are considering making a disclosure of sensitive information to federal regulators regarding a potential securities law violation or investment fraud, you have the ability to retain maximum confidentiality throughout the whistleblower process. By working through a Miami, FL SEC whistleblower attorney, you can submit information to federal regulators anonymously and still be eligible for an award.
To do this, you must report your information through an attorney. Your identity will only be revealed to federal regulators if an SEC whistleblower award is actually granted in your case. Until you are awarded financial compensation, your identity will remain confidential to your co-workers, your peers, the public, law enforcement, and even state and federal securities regulators.
Awards are Based on the Value of Enforcement Action
Under federal law as it currently stands, SEC whistleblower awards are granted at a value of 10 percent to 30 percent of the total money collected in the related enforcement action. The specific award will vary based on the SEC’s view of the importance of the information that was disclosed. The more important the information was to closing the case, the more likely that the SEC will award the whistleblower the maximum available 30 percent. Notably, this money does not come out of the pockets of investors. It is paid entirely from a federal fund made up of fines and other financial sanctions that are levied on securities law violators.
Get Help From Our Florida SEC Whistleblower Lawyers
At Carlson & Associates, P.A., we have the skills and experience to advocate for the interests of securities industry whistleblowers. To set up a fully confidential consultation with our SEC whistleblower award lawyers, please do not hesitate to reach out to our law firm today. Our law office is conveniently located in Miami, and we represent SEC whistleblowers throughout South Florida.
Resource:
sec.gov/news/press-release/2018-179