Since 2010, the Securities and Exchange Commission (SEC) whistleblower program has offered significant financial awards to individuals who voluntarily provide information concerning misconduct such as fraudulent statements in connection with an offer of securities, manipulation of a security’s price or volume, insider trading, and bribery of foreign officials
Under a law known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), if a whistleblower reports non-public information to the SEC that results in a recovery of over $1 million, the whistleblower can receive between 10% and 30% of the amount recovered. Whistleblowers need not be U.S. citizens, and they can report fraud to the SEC anonymously through an attorney. The SEC whistleblower program also includes safeguards against employer retaliation. Between 2016 and early 2021, the SEC awarded nearly $650 million to more than 110 individual whistleblowers.
If you have information about a financial fraud involving securities or foreign bribery, contact us today about potentially filing a report with the SEC whistleblower program. It is important to report the misconduct promptly. The information you have must be original and non-public. In other words, the SEC cannot already be investigating the issue you complain about. Also, if another whistleblower comes forward before you do, you will not be eligible for an award. The SEC rewards those who report first. We can discuss the information you have and determine whether it makes sense to file with the whistleblower program. Also, there are also internal compliance steps that you may need to follow before making a whistleblower claim, so we will walk you through those.
Due to the limited resources of the SEC, your whistleblower claim could take a significant amount of time to resolve. To expedite the handling of your case, it is essential to build a compelling argument for why the fraud needs to be investigated. The better your claim is, the more likely you will have a faster turnaround time with the SEC. We will help you to develop your whistleblower complaint into a persuasive call to action.
Employees who blow the whistle on their bosses or colleagues are doing the right thing by uncovering wrongdoing. But they often rightly worry that doing so will have negative repercussions, such as termination, demotion, suspension, or harassment. Fortunately, the Dodd-Frank Act also contains strong anti-retaliation protections. If your employer punishes or attempts to punish you for being a whistleblower, you could be eligible for reinstatement, back pay, and compensation for the legal fees incurred to hold your employer accountable. We will help protect you from retaliation and take legal action to stop it.
There are many types of frauds that may generate SEC whistleblower matters. For more information about some of the types of SEC whistleblower matters we handle, click these links: