SEC Announces $1.7 Million Whistleblower Award
$1.7 Million Whistleblower Award Given to a Company Insider who Provided the SEC with Crucial Information to Assist in Preventing a Fraud Which Might have Been Very Hard to Detect Otherwise
The Securities and Exchange Commission announced a whistleblower award on July 27th of more than $1.7 million to a company insider who provided said agency with highly important information to help prevent a fraud that would have otherwise been very hard to detect, according to recent SEC Documents currently under review by attorneys Joe Peiffer and James Booker.
Jane Norberg, Chief of the SEC’s Office of the Whistleblower, has made the following statement:
”When whistleblowers tip the SEC, it not only can bring wrongdoers to justice but also relief to investors… This whistleblower’s valuable information enabled us to stop further investor harm and ultimately return money to victims.”
It should also be noted that millions of dollars were returned to harmed investors as a result of the SEC’s ensuing investigation and enforcement action, said Documents note.
Approximately $158 Million has Now Been Awarded to 46 Whistleblowers who have Voluntarily Provided the SEC with Original and Useful Information
To date, approximately $158 million has now been awarded to 46 whistleblowers who have voluntarily provided the SEC with original and useful information that led to a successful enforcement action, according to the aforementioned SEC Documents currently under review by attorneys Joe Peiffer and James Booker.
No money has been taken or withheld from harmed investors to pay whistleblower awards.
In sum, SEC enforcement actions from whistleblower tips have led to more than $950 million in financial remedies against alleged wrongdoers.
It should also be noted that whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators.
By law, the SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower’s identity. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action.
Whistleblower Lawyers Help Individuals Seeking Justice
The Peiffer Wolf whistleblower lawyers currently represent whistleblowers which have obtained information regarding violations of securities laws, including bribery and corruption of foreign officials. The Peiffer Wolf lawyers have assisted whistleblowers with their complaints before U.S. government agencies and are helping such whistleblowers seek compensation in connection with such complaints.
Whistleblowers that learn of violations of the securities laws or misconduct in connection with government contracts or government payments may have the right to a whistleblower award if they bring such misconduct to the attention of the appropriate government bodies and follow the proper whistleblower procedures.