ATTORNEY NEWSLETTER
Securities and Exchange Commission Announces $6 Million In Awards
Two Whistleblowers Rewarded For Assisting Investigations
$956 Million Awarded Since SEC Whistleblower Program Began
Assistance and information from whistleblowers who know of possible securities law violations are among the most powerful weapons in the law enforcement arsenal of the U.S. Securities and Exchange Commission (SEC). See Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank Act”), 15 U.S.C. § 78a et seq.; Sarbanes-Oxley Act of 2002, Pub. L. 107-204; Securities Act of 1933, 15 U.S.C. § 77a et seq.; Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. § 78a et seq.; Rule 21F4(d), 17 C.F.R. § 240.21F-4(d)(2). Just within the last few weeks, the SEC has awarded over $17.5 million to individuals who have blown the whistle on securities fraud; since creation of the SEC program in 2012 the SEC has awarded $956 million to 195 individuals. Individual whistleblower awards range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million. If you have credible, original information of securities fraud in California call us today at (415)441-8669 and we can help. Our toll-free number is 1-888-50EVANS (888-503-8267).
Two Recent SEC Awards
The SEC announced two awards of nearly $6 million to two whistleblowers who provided information and assistance in separate enforcement proceedings.[1] In the first order, the SEC awarded more than $3.5 million to a whistleblower who reported valuable new information that caused the SEC to expand an existing investigation into a new geographic area. The whistleblower then provided supplemental information and assistance that helped the SEC bring the charges in the underlying enforcement action. In the second order, the SEC awarded more than $2.4 million to a whistleblower who alerted the SEC to previously unknown conduct, prompting the opening of the investigation, and thereafter met with SEC staff, provided documents, and identified potential witnesses. “With today’s orders, the SEC has made whistleblower awards to 14 individuals in less than a month, reflecting the SEC’s commitment to reward whistleblowers who provide new, critical information that leads to successful enforcement actions,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower.
Confidentiality And Retaliation Protections
As set forth 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. The law also protects whistleblowers from employer retaliation for blowing the whistle on securities fraud under the Exchange Act, the Securities Act of 1933, 15 U.S.C. §§ 77a et seq, Rule 10b-5, or any other federal securities law. See 15 U.S.C. § 78u-6(h)(1); 17 CFR § 240.21F-2; Commission Rule 21F-17(a). If your employer retaliates against you in violation of the statute, you can bring an action in federal court seeking reinstatement, double back pay with interest, and attorneys’ fees and costs. 15 U.S.C. § 78u-6(h)(1)(B) and (C). We can represent you in your action for wrongful retaliation as well as in your underlying SEC whistleblower case.
Contact Us
If you have information of securities fraud call Ingrid M. Evans at Evans Law Firm at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our toll-free number is 1-888-50EVANS (888-503-8267).
[1] Evans Law Firm, Inc. was not involved in these proceedings in any way.
