Switch to ADA Accessible Theme
Miami Investment Fraud Attorney
305.372.9700
1 SE 3rd Ave # 1200
SunTrust International Center
Miami, Florida 33131

Nearly $10 Million Awarded to SEC Whistleblower

On July 12th, 2023, the Securities and Exchange Commission (SEC) officially confirmed a whistleblower award of more than $9 million to an anonymous person who provided “significant and detailed information” that helped federal regulators take enforcement action in a securities fraud case. In this article, our Florida securities law whistleblower lawyer provides a more detailed explanation of the whistleblower award issued by the SEC

Whistleblower Provider Initial Tip and Ongoing Support to Regulators 

According to the SEC, the whistleblower in this case initially reported these issues internally. After no action was taken, they then brought the matter to the attention of the SEC’s Enforcement Division. The SEC then opened an investigation. As successful enforcement action was taken by the agency, the SEC was able to return millions of dollars to investors. The recommendation for the award took into account factors, including:

  • The importance of the information provided;
  • The extent of the whistleblower’s assistance;
  • The public interest in deterring violations through awards; and
  • The whistleblower’s culpability and a reporting delay.

 The SEC has Discretion to Determine the Value of a Whistleblower Award (10 to 30 Percent) 

Federal law empowers the Securities and Exchange Commission (SEC) to determine the appropriate amount of a whistleblower award. Indeed, the agency holds the discretionary power to determine the value of a whistleblower award. The basis of the award will be the total value of enforcement action taken based on the information provided by the whistleblower. The SEC can award an amount ranging from 10 to 30 percent based on the specific circumstances.

The flexibility allows the SEC to adjust the award proportionally based on several factors including the relevance and impact of the information provided, the level of assistance given in the enforcement action, and the overall interest in deterring future violations. The mechanism promotes transparency and encourages individuals to disclose valuable information about misconduct, which in turn safeguards the integrity of the financial markets.

An Attorney Can Help You Make a Confidential Disclosure to the SEC 

Whistleblower disclosures are highly sensitive—especially in the securities industry. The SEC’s whistleblower program has very strong confidentiality protections. Retaining a whistleblower attorney can significantly aid in making a confidential disclosure to the SEC. Indeed, an SEC whistleblower lawyer in Florida can help you provide information to the SEC without disclosing your identity. You will only be required to share your identity with the SEC if the agency has decided to issue a financial award.

 Set Up a Confidential Case Review With a Miami SEC Whistleblower Attorney Today

At ​Carlson & Associates, P.A., we provide reliable legal representation to whistleblowers in the securities industry. If you are preparing to make a confidential disclosure to the Securities and Exchange Commission, we are prepared to protect your rights and put you in the best position to get a whistleblower award. Contact us today for a confidential, no obligation consultation. From our Miami legal office, we represent SEC whistleblowers all across South Florida.

Source:

sec.gov/news/press-release/2023-131

  • Super Lawyers
  • AV Preeminent
  • Million Dollar Advocates Forum
  • Judicial Edition 2021
  • Curtis Carlson 25th Anniversary
  • Curtis Carlson Judicial Edition 2022
  • Curtis Carlson Judicial Edition 2023
  • 2023 Judicial Edition Curtis Carlson
  • 2023 Martindale Hubbell Award Curtis Carlson
  • 2023 Lawyers.com Curtis Carlson
  • 2024 Martindale Hubbell Award Curtis Carlson
Location

Office
Location

1 SE 3rd Ave #1200
Suntrust International Center
Miami, Florida 33131

Telephone: 305-372-9700
Fax: 305-372-8265

Connect
With Us

  • Facebook
  • Twitter
  • LinkedIn

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

No content on this site may be reused in any fashion without written permission from www.Carlson-Law.net

MileMark Media - Practice Growth Solutions

© 2015 - 2024 Carlson & Associates, P.A. All rights reserved. This law firm website is managed by MileMark Media.