Thursday, July 31, 2014

Whistleblower Gets $400,000

A Whistleblower who reported a fraud to the SEC after the company failed to address the issue internally has been given $400,000 for his efforts as part of the SEC's whistleblower program.

That program rewards high-quality, original information that results in an SEC enforcement action with sanctions exceeding $1 million. Whistleblower awards can range from 10 percent to 30 percent of the money collected in a case.

If you believe you have information that could lead to a substantial enforcement proceeding or fine by the SEC, please call our firm. We can help you determine if you have a claim, and can assist you in presenting that claim. By law, the SEC must protect the confidentiality of whistleblowers and cannot disclose any information that might directly or indirectly reveal a whistleblower’s identity.

In this case the whistleblower provided the agency with specific, timely, and credible information that allowed for a more rapid investigation than otherwise would have been possible.  The whistleblower had tried on several occasions and through several mechanisms to have the matter addressed internally at the company.

--- The attorneys at Sallah Astarita & Cox include veteran securities litigators and former SEC Enforcement Attorneys. We have decades of experience in securities litigation matters, including the defense of enforcement actions and representation of investors, financial professionals and investment firms, nationwide. For more information call 212-509-6544 or send an email.
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