The Securities and Exchange Commission today announced an award of $1.25 million to a whistleblower who provided specific and credible information that prompted SEC staff to open an investigation that resulted in a successful SEC covered action.
After alerting SEC staff to the underlying conduct, the whistleblower provided extensive assistance that saved SEC time and resources. The whistleblower identified witnesses, explained critical documents, and helped focus the investigation on key issues.
Important Whistleblower Information
The SEC is authorized by Congress to provide monetary awards to eligible individuals who come forward with high-quality original information that leads to a Commission enforcement action in which over $1,000,000 in sanctions is ordered. The range for awards is between 10% and 30% of the money collected.
Many potential whistleblowers have found that the process is not quite as easy as it appears. The SEC routinely takes years to pay a whistleblower, and often denies whistleblower claims. The importance of a well crafted whistleblower tip cannot be overstated.
This is where hiring a whistleblower lawyer can help. The attorneys at Sallah Astarita & Cox are former SEC attorneys and broker-dealer lawyers, who know their way around these rules and regulations. They help whistleblowers present their information to the SEC and guide them through the process, including presentations to the Commission, at no cost unless there is compensation to our client.
Our fee is contingent – it is a percentage of what our client receives, and if the client receives nothing our fee is zero.
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