The SEC Issued Three Whistleblower Awards Totaling $20.1 Million in a Single Week
On November 30th, 2017, the Securities and Exchange Commission (SEC) announced that it was awarding more than $16 million in financial compensation to two whistleblowers. These securities industry whistleblowers provided critically important information to help the agency bring enforcement action. The first whistleblower brought the misconduct to the attention of SEC staff members, while the second whistleblower provided the agency with much needed additional information that saved the agency a tremendous amount of time and resources. Soon after that announcement, on December 5th, 2017, the SEC awarded $4.1 million in compensation to a former industry insider who helped enforcement officials stop a major securities law violation.
Since the SEC whistleblower program was first adopted in 2012, the agency has now already granted 50 whistleblower awards to insiders in the securities industry. The total value of the enforcement action based off of these 50 cases now exceeds $1 billion, and more than $175 million in compensation was collectively awarded to the 50 SEC whistleblowers. At Carlson & Associates, P.A., our top-rated Miami SEC whistleblower lawyers represent securities industry insiders who wish to make voluntary disclosures to enforcement agencies. Below, we highlight three important things that everyone should know about the SEC whistleblower program.
- Whistleblower Confidentiality is Protected By Law
The SEC will never release a whistleblower’s identity to the public. In fact, only very limited information about the award is ever released to the public. The agency puts great care in protecting the confidentiality of all informants. Through our experienced Miami SEC whistleblower lawyers, you can even retain your anonymity when submitting your tip (Form TCR) to the agency.
- Compensation is Not Taken or Withheld From Investors
Whistleblowers often help the agency put a stop to fraud or other securities law violation. This helps protect innocent investors. When enforcement action is taken, a whistleblower may be able to obtain a significant financial reward for their contribution. The whistleblower award never comes out of the pocket of the investors who were defrauded.
- Many Different Types of Information Can Lead to Enforcement Action
Many securities industry and company insiders are not sure if they have enough information to actually submit a useful tip to enforcement officials. This is a common concern. If you are unsure, it is strongly recommended that you consult with a qualified attorney. Your attorney will be able to review the specific facts of your case and help you determine the appropriate action to take given the circumstances in question.
Contact Our Miami SEC Whistleblower Attorneys Today
At Carlson & Associates, P.A., our Florida attorneys have the skills and experience needed to represent securities industry insiders who are ready to blow the whistle on serious misconduct. If you are considering making a disclosure to the Securities and Exchange Commission, please contact our law firm today to schedule your fully confidential legal consultation. We will make sure that your legal rights and financial interests are fully protected.