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

Securities and Exchange Commission Awards More Than $7 Million in Compensation to a Whistleblower

On February 28th, 2020, the Securities and Exchange Commission (SEC) announced that a whistleblower has been awarded more than $7 million in financial compensation. The award—which was the 73rd that has been issued by the agency—was approved after the SEC determined that whistleblower’s information served as the basis of enforcement action.

Here, our Miami investment fraud lawyer provides an overview of the SEC’s latest award and explains the most important things you need to know about getting financial compensation after making a protected disclosure to federal securities regulators. 

SEC: Whistleblower’s “Tenacity and Effort” Helped to Expose Serious Misconduct 

In its Order Determining Whistleblower Award Claim, the SEC noted that the anonymous whistleblower displayed a degree of “tenacity and effort” that made enforcement action far more likely than it would have been had this person never come forward. Indeed, the agency noted that the information provided by the whistleblower helped to bring to light serious misconduct, thereby protecting investors from significant risk. Among other things, the whistleblower offered documentary evidence, identified key witnesses, and helped agency staff understand very complex transactions. 

Three Things to Know About Making Protected Disclosures to the SEC  

If you have information about misconduct that is occurring in the securities industry, you have the right to disclose that information to regulators and—if enforcement action is taken—potentially to obtain a financial award for your important contributions. Here are three important things you need to know about SEC whistleblower awards: 

  1. You Can Make a Confidential Disclosure: Unfortunately, whistleblowers sometimes face retribution. The SEC’s whistleblower program emphasizes confidentiality. Through a Florida SEC whistleblower attorney you can make an anonymous disclosure to the agency. You will only need to give your name if an award is being considered. Further, your identity will never be made public.
  2. Whistleblower Awards Require Enforcement Action: Whistleblower awards are based on enforcement action. In order to be eligible to get whistleblower compensation, the information you reveal must be unknown to the agency and must be used, in part, to take enforcement action against bad acting parties.
  3. Compensation Will Depend on Several Factors: SEC whistleblower awards are between 10 and 30 percent of the total money collected in the related enforcement action. The greater the efforts by the whistleblower and the more important the information that was disclosed, the more likely the award will be on the high end. The agency has considerable discretion in making a final decision.

Call Our Miami Securities Law Whistleblower Attorney for Immediate Assistance

At ​Carlson & Associates, P.A., our experienced Florida SEC whistleblower lawyers are standing by, ready to protect your rights. If you want to make a confidential disclosure to state or federal securities regulator, we can help. To set up a completely private case evaluation with an experienced attorney, please contact us today. With an office location in Miami, we represent clients throughout Southeast Florida.

Resources:

sec.gov/news/press-release/2020-46

sec.gov/rules/other/2020/34-88299.pdf

https://www.carlson-law.net/florida-brokerage-firm-fined-censured-for-failure-to-maintain-proper-supervisory-system/

  • Super Lawyers
  • AV Preeminent
  • Million Dollar Advocates Forum
  • Judicial Edition 2019
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 - 2020 Carlson & Associates, P.A. All rights reserved. This law firm website is managed by MileMark Media.