There have been numerous awards in recent years, and this week the SEC announced a half-million dollar award to an overseas whistleblower whose expeditious reporting helped the Commission bring a successful enforcement action.
“The Commission’s whistleblower award program has reached an important milestone,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “With recent actions, more than $2 billion in monetary sanctions have been ordered against wrongdoers based on actionable information received by whistleblowers. This represents the direct and important role that whistleblowers, like the overseas whistleblower being awarded today, have in enforcement actions and the protection of investors.”The SEC has awarded approximately $385 million to 65 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.
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity.
The best way to insure that your tip gets the attention it deserves is to retain an experienced securities lawyer to present the tip and to sheppard the claim through the program. Our firm represents whistleblowers on a contingency basis, so there is no fee unless money is recovered. To discuss a potential whisleblower claim with experienced securities counsel, call 212-509-6544.
