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SEC Issues Three Whistleblower Awards (More Than $23 Million In Compensation In Total)

The Securities and Exchange Commission (SEC) has recently issued three more whistleblower awards. With the latest award, the federal agency has now granted more than $1.3 billion in financial compensation to 278 individuals through the SEC whistleblower program. In this article, our Miami investment fraud attorney discusses the most recent awards.

SEC Whistleblower Awards: More Than $6 Million in Whistleblower Compensation 

On July 15th, 2022, the Securities and Exchange Commission (SEC) announced two whistleblower awards. In total, more than $6 million in whistleblower compensation was provided to two individuals in two separate causes of action.

In the first case, more than $3 million worth of whistleblower compensation was awarded to an investor. The investor in question was solicited to invest in a particular investment opportunity. For a number of different reasons, the individual found the offer to be suspicious. The SEC was alerted of the potential misconduct. With cooperation and assistance from the investor, successful enforcement action was eventually taken.

In the second matter, more than $3 million was awarded to another whistleblower. The second whistleblower was an insider within the securities industry. The insider reported their concerns internally within their organization. However, no corrective action was taken. Soon after, the insider submitted a detailed tip to the SEC. Eventually, with help from the insider, the SEC was able to take successful enforcement action to halt securities fraud.

 SEC Whistleblower Award: More Than $17 Million in Whistleblower Compensation 

On July 19th, 2022, the Securities and Exchange Commission (SEC) announced the award of more than $17 million in compensation to a whistleblower who helped to stop securities fraud. Based on information provided by this whistleblower, the SEC opened up a brand new investigation into suspected securities fraud. The whistleblower provided detailed information and relevant documents early on in the investigation process. Successful enforcement action was eventually taken in the case as well as in a related matter.  

Calculating SEC Whistleblower Awards: Ten to Thirty Percent of Enforcement Action 

The amount of an SEC whistleblower award is based largely on the scope of the securities fraud case. When a whistleblower—either an insider or an outsider—provides key information that allows the federal agency to take successful enforcement action, the whistleblower can receive a share of the recovery. Whistleblower awards through the SEC program are worth 10 to 30 percent of the ultimate recovery. The greater the contributions by the whistleblower(s), the higher percentage that they will receive. The SEC has some discretion in determining the amount of whistleblower compensation. 

Get Help From a Securities Law Whistleblower Lawyer in Florida

At ​Carlson & Associates, P.A., we have the professional expertise to represent whistleblowers in the securities industry. If you are considering bringing a claim to the SEC whistleblower program, our law firm can keep your identity confidential and help you maximize your award. Contact our Miami law office today for a fully private, no obligation consultation with an SEC whistleblower attorney.

Source:

sec.gov/news/press-release/2022-122

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