SEC Awards More Than $1.8 Million to Whistleblower
The SEC announced on August 29, 2019, that they have rewarded $1.8 million to a whistleblower “whose information and assistance were critically important to the success of an enforcement action involving misconduct committed overseas.”
Further, according to the press release “After alerting the agency to the violations, the whistleblower provided extensive and ongoing cooperation during the course of the investigation, including the review of documents and the provision of sworn testimony, and continued to provide additional new information that advanced the investigation. “The whistleblower in this matter provided stellar information and ongoing assistance that resulted in the Commission bringing a programmatically significant enforcement action,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Moreover, the misconduct occurred abroad, and without the whistleblower’s tip and assistance, the violations at issue would have been difficult to identify.””
The SEC also provides more information regarding their whistleblower program:
“The SEC has awarded approximately $387 million to 66 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. 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 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.”
If you are looking for legal representation as a possible whistleblower, our firm has experience in this area. Feel free contact our office at (561) 416-8956 or by email at [email protected]. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group. This information should not be construed as, and does not constitute, legal advice on any specific matter.