SEC Announces Largest Ever Whistleblower Award
On March 19th, 2018, the Securities and Exchange Commission (SEC) announced a record whistleblower award. Two securities industry whistleblowers were granted a joint award of $50 million, while another whistleblower was granted a record award of $33 million. According to the SEC, the large whistleblower award prior to this date was $30 million, which was granted back in 2014.
At Carlson & Associates, P.A, our dedicated Miami SEC whistleblower award attorneys have the skills and legal knowledge required to help securities industry insiders make protected disclosures to government regulators. If you are a whistleblower who makes a protected disclosure that leads to enforcement action, and money is recovered for innocent investors or for the government, you may be entitled to a financial award under the Dodd–Frank Wall Street Reform and Consumer Protection Act.
SEC Whistleblowers Can Submit Joint Disclosures
After including these most recent awards, the SEC has now awarded 53 whistleblowers a collective $262 million in financial compensation. Notably, the majority of these awards have been granted to a single whistleblower. However, as was true in this case, securities industry whistleblowers have the ability to submit joint disclosures to the government. According to the SEC’s 2017 Whistleblower Report to Congress, there have been six previous cases in which securities industry whistleblowers jointly reported information. If you are an insider and have information of a legal violation that you wish to jointly report, our law firm can help.
Protect Your Privacy: You Should Make Disclosures Through an Attorney
Sadly, whistleblowers often face retaliation. As such, it is imperative that whistleblowers take the proper steps to preserve confidentiality. Fortunately, the SEC offers an avenue to report information and keep your anonymity.
If you have a tip regarding a securities law violation, you can submit that information anonymously to the SEC. If you do this, you are still eligible for a Dodd-Frank whistleblower award. To protect your eligibility, you must submit your information through a qualified attorney. The SEC will work with you through your legal representative. You will only be required to make your identity known to the SEC in cases where you have been deemed eligible to receive a whistleblower award.
When the SEC learns of your identity, the agency must work hard to keep confidentiality. Your identity and the details of your case will not be released to the public. This is why there is so little public information available about these most recent SEC whistleblower awards. In addition, the SEC is also required to redact your name and personal identifying information in responses to requests under the Freedom of Information Act (FOIA).
Contact Our Florida Dodd-Frank Whistleblower Attorneys Today
At Carlson & Associates, P.A., we have extensive experience handling SEC whistleblower claims. Before you make disclosures to a federal agency, it is highly recommended that you consult with a qualified attorney. To arrange a free, fully private consultation, please contact our law firm today. We are located in Miami and we serve SEC whistleblowers throughout Florida.
Resources:
sec.gov/news/press-release/2018-44
govtrack.us/congress/bills/111/hr4173/text
sec.gov/files/sec-2017-annual-report-whistleblower-program.pdf