SEC whistleblowers may be eligible for a monetary award under certain circumstances – The SEC has awarded approximately $1.2 billion in whistleblower awards
PHILADELPHIA, Pennsylvania, USA, Jan. 22, 2022 /EINPresswire.com/ — On January 21, 2022, the Securities and Exchange Commission (“SEC”) announced three awards totaling more than $40 million to four whistleblowers who provided information and assistance in three separate Covered Actions.
In the first order, the SEC awarded a reward of approximately $37 million to two joint whistleblowers who provided key evidence that contributed to the success of the targeted action. Whistleblowers also provided ongoing assistance and helped SEC staff identify additional information that moved the investigation forward.
In the second order, the SEC awarded approximately $1.8 million to a whistleblower who provided material new information that prompted SEC staff to initiate an investigation into the misconduct. The whistleblower continued to assist SEC staff by providing interviews and additional documents.
In the third order, the SEC awarded approximately $1.5 million to a whistleblower who provided new information that shaped the investigative strategy of SEC staff and contributed significantly to the success of the investigation. targeted action. The whistleblower has also provided substantial and ongoing assistance in helping SEC staff identify issues.
The SEC has awarded about $1.2 billion to 245 people since issuing its first award in 2012.
Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to successful enforcement action. Whistleblower bounties can range from 10 to 30 percent of the money collected when monetary penalties exceed $1 million.
All payments are made from a Congressional Investor Protection Fund that is funded entirely by monetary penalties paid to the SEC by violators of securities laws. No money was withheld or withheld from aggrieved investors to pay whistleblowers.
As stated in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower’s identity.
Questions or concerns about voluntary provision of information to the SEC and eligibility for the whistleblower award?
If you have questions or concerns about voluntarily providing information to the SEC regarding violations of federal securities laws, including questions about whistleblower award eligibility, or the form and manner in which information should be provided to the SEC, please contact Kehoe Law Firm, PC by completing the form above to the right, by emailing [email protected] or by contacting either Michael Yarnoff, Esq., [email protected], (215) 792-6676, Ext. 804, or John Kehoe, Esq., [email protected], (215) 792-6676, Ext. 801.
Kehoe Law Firm, PC is a multi-disciplinary, plaintiff-side law firm dedicated to protecting investors and consumers from fraud, negligence and other corporate wrongdoing. Driven by a strong and grounded sense of social responsibility and obtaining justice for the injured, Kehoe Law Firm, PC represents plaintiffs seeking to recover investment losses resulting from corporate wrongdoing or malfeasance, those harmed by anti-competitive practices and consumers who are victims of fraud or deception.
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