Miami Investment Fraud Attorney
305.372.9700
1 SE 3rd Ave # 1200
SunTrust International Center
Miami, Florida 33131

SEC Awards $500,000 to Overseas Securities Industry Whistleblower

On July 23rd, the Securities and Exchange Commission (SEC) announced that a $500,000 award is being issued to an overseas whistleblower. In granting the financial reward, the federal securities regulator noted that expeditious disclosures made by the whistleblower helped lead to successful enforcement action through which the agency recovered financial relief for investors. Through the whistleblower program, the SEC has now issued 65 awards and more than $380 million.

Most of the Key Details are Being Kept Confidential 

When granting whistleblower awards, the SEC only provides a limited amount of information to the public. This is because federal regulators recognize that securities industry insiders could potentially face retaliation from their employers or from others within the securities industry. Confidentiality helps to protect the future career prospects of whistleblowers. In this instance, the only information the SEC provided within its Order Determining Whistleblower Claim Award is as follows:

  • The whistleblower is located overseas;
  • The information was provided voluntarily;
  • The disclosure helped the agency bring enforcement action;
  • Enforcement action would have been difficult or impossible to bring without this tip; and
  • The value of the award is approximately $500,000.

Awards May Be Granted After Enforcement Action 

The SEC has the authority to grant a whistleblower award to a securities industry insider or to another person who possesses important, non-public information and provides it as a tip that leads to actual enforcement action. To be eligible for a whistleblower award, the disclosure must be timely, credible, original, and offer non-public information.

These value of whistleblower awards vary. Depending on the specific nature of the disclosure and the importance of the information provided, the SEC can grant whistleblower compensation that is worth somewhere between 10 percent and 30 percent of the value of the enforcement action. 

Whistleblowers Can Provide Information to the SEC Through Our Law Firm 

Under the federal regulations, you are not required to provide your identity to the Securities and Exchange Commission when you are initially disclosing sensitive information. The only time you will be required to provide sensitive identifying information is after an award has already been approved. In other words, if the SEC does not grant a whistleblower award in relation to the information you disclosed, you will have the ability to remain fully anonymous.

To make a confidential disclosure of potential federal or state securities law violation, you should work through an experienced SEC whistleblower attorney in Miami, FL. Your lawyer will protect your identity and make sure that information is disclosed in a proper manner so that you can effectively preserve your eligibility to obtain whistleblower compensation. 

Discuss Your Case With an SEC Whistleblower Lawyer in Miami, FL

At ​Carlson & Associates, P.A., our Miami investment fraud lawyers are standing by, ready to protect your legal rights. We will help you confidentially disclose information to securities regulators. To set up a completely private review of your case, please call us today. From our Miami office, we represent securities industry whistleblowers throughout the state of Florida.

Resources:

sec.gov/rules/other/2019/34-86431.pdf

sec.gov/news/press-release/2019-138

https://www.carlson-law.net/sec-sues-tallahassee-based-advisers-for-defrauding-retired-nfl-players/

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