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SEC Awards More than $100 Million in Compensation to Seven Whistleblowers

On August 4th, 2023, the Securities and Exchange Commission (SEC) announced the award of $104 million in whistleblower compensation to seven individuals who voluntarily provided original information that helped the agency take enforcement action to stop securities fraud. The whistleblowers helped the SEC secure financial relief for affected investors. Here, our Miami SEC whistleblower rights attorney discusses the large whistleblower award issued in this case.

Seven Whistleblowers Helped the SEC Uncover a Complex Securities Fraud Scheme 

The Securities and Exchange Commission (SEC) awarded over $104 million to seven whistleblowers for aiding in a significant enforcement action. Notably, the combined amount granted to the whistleblower’s in this case is especially substantial. Indeed, it ranks as the fourth-largest in the SEC’s whistleblower program. The awards were approved over two joint whistleblower claims and three other individual whistleblower claims. Notably, ten different individuals sought whistleblower compensation as part of the enforcement action taken in this case. In the end, the SEC determined that only seven of the ten individuals met all of the criteria of the whistleblower program.

 An Overview of Why the SEC Denied Three of the Whistleblower Claims 

In order to qualify for a whistleblower award through the SEC Whistleblower Program, a claimant must meet a number of different strict criteria. This includes providing original information that helps the federal agency take successful enforcement action in an investment fraud case. The SEC’s stated reasoning for the denial of whistleblower awards to three claimants in this case provides useful insight into how the program operates. Here is why three claims were denied:

  1.  Claimant 8 and Claimant 9: For Claimants 8 and 10, the SEC used similar reasoning in denying whistleblower compensation. The SEC determined that neither of these two individuals provided original information that actually contributed to successful enforcement action. The agency determined that these claimant’s failure to meet the core criteria of the program rendered them ineligible for a whistleblower award.
  2. Claimant 10: The SEC determined that Claimant 10 also failed to provide original information that led to successful enforcement action. However, this matter was slightly different from the others. Claimant 10 reportedly claims to have submitted anonymous information to the SEC. Doing so is allowed—it does not render one ineligible for a whistleblower award. However, anonymously submitting information to the SEC requires doing so through an attorney and with a signed statement under the penalty of perjury. A whistleblower who wishes to submit an anonymous tip to the SEC must retain an experienced attorney who can help to ensure that they do so in a manner that allows them to qualify for a financial whistleblower award.

 Contact Our SEC Whistleblower Lawyers Today

At ​Carlson & Associates, P.A., we have the professional expertise needed to represent people navigating the SEC Whistleblower Program. If you have any questions or concerns about SEC whistleblower disclosures or SEC whistleblower awards, we are here to help. Give us a phone call now or contact our Miami law office online to arrange your confidential case evaluation.

Source:

sec.gov/news/press-release/2023-147

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