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Seven Whistleblower Awarded Nearly $30 Million as Part of Single Case

On December 22nd, 2023, the Securities and Exchange Commission (SEC) announced financial awards totaling more than $28 million to seven different whistleblowers. The seven individuals provided the federal agency with significant “information and assistance” that helped regulators take enforcement action that stopped a major securities fraud scheme. Within this blog post our SEC whistleblower lawyer provides more comprehensive details about the award.

The Latest SEC Whistleblower Award: Seven Claimants Approved 

The SEC approved a whistleblower award to seven individual claimants after determining that they each provided some form of original, useful, and voluntary information that helped to contribute to successful enforcement action in a securities fraud case. As a direct consequence of the enforcement action, the SEC was able to return funds to investors adversely affected by the securities fraud. Notably, three other people sought a whistleblower award in relation to this matter but were denied compensation by the federal agency. Here is an overview of the SEC whistleblower awards issued in this case:

  • Claimant #1 was issued a whistleblower award of an undisclosed percentage for coming forward alone and providing original information.
  • Claimant #2, Claimant #3, Claimant #4, Claimant #5 were all granted whistleblower awards of an undisclosed percentage for coming forward collectively and providing detailed and highly significant information early in the SEC’s investigation.
  • Claimant #6 and Claimant #7 were also granted whistleblower awards of an undisclosed percentage for contributing to the enforcement action. However, within the approval of their compensation, the SEC emphasized that these two whistleblowers received a lower amount of compensation than the other five whistleblowers because their contributions were ultimately not nearly as significant.
  • Claimant #8 and Claimant #9 were both not granted whistleblower compensation relatively early on in the whistleblower claims process. In both cases, these two whistleblowers were determined to have not met the standards required by federal law.
  • Claimant #10 was also denied SEC whistleblower compensation in this case. In denying whistleblower compensation for Claimant #10, the federal agency noted that this whistleblower only came forward nearly 30 months after the SEC opened its securities fraud investigation. No timely, original information was provided. As such, the claim was denied.

As this case demonstrates, SEC whistleblower compensation can be significant. However, at the same time, the SEC whistleblower claims process is notoriously complex. The case also demonstrates the importance of taking a proactive approach. To put themselves in the best possible position to secure financial compensation, a securities industry whistleblower should consult with a lawyer right away. It is a highly time-sensitive process.

 Get Help From a Securities Law Whistleblower Attorney in South Florida

At ​Carlson & Associates, P.A., our Florida securities law whistleblower lawyer is standing by, ready to protect your rights and your interests. If you are preparing to make a protected disclosure to the SEC, we can help you navigate the process. Contact us at our Miami law office today to set up a fully confidential, no obligation initial consultation.

Source:

sec.gov/news/press-release/2023-257

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