SEC Awards $10 million to Whistleblower
From the Desk of Jim Eccleston at Eccleston Law LLC:
The U.S. Securities and Exchange Commission (“SEC”) announced that it awarded more than $10 million to a whistleblower as part of the SEC’s Whistleblower program. According to the SEC announcement, the whistleblower provided information and assistance that was of crucial importance to the SEC’s enforcement action. The SEC said that this whistleblower “provided extensive and ongoing assistance to the investigative team over the course of the investigation[.]” The SEC specified that this whistleblower identified witnesses and helped the SEC “understand complex fact patterns and issues related to the matters under investigation.”
In total, the SEC has awarded about $520 million to 94 whistleblowers since 2012 as part of its whistleblower program. Whistleblowers may be eligible for an award from the SEC when they voluntarily provide information to the SEC that is original, timely, and credible, and leads to a successful enforcement action. An award can range from 10% to 30% of the money collected by the SEC if the monetary sanction exceeds $1 million.
The SEC is prohibited from disclosing information that could reveal the identity of the whistleblower.
The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities Fraud, Compliance Protection, Breach of Fiduciary Duty, FINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.
Tags: eccleston, sec, whistlenblower. reward