The Securities and Exchange Commission (SEC) announced April 26 it rewarded nearly $4 million to a whistleblower who provided the agency with detailed tips and specific information about serious securities violations and misconduct.

The SEC said the whistleblower in this case also provided additional assistance throughout the agency’s investigation of the alleged misconduct.

“Not only did this whistleblower step forward and report suspicious conduct, but continued to help after we opened our investigation,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Whistleblowers with specialized experience or expertise can help us expend fewer resources in our investigations and bring enforcement actions more efficiently,” she added.

The SEC does not, by law, disclose information that might directly or indirectly reveal a whistleblower’s identity – a measure that is taken to protect the confidentiality of the whistleblower and encourage others to report wrongdoing when they witness it.

Whistleblower awards can range from 10 percent to 30 percent of the money collected when the resulting sanctions exceed $1 million. These award payments are made out of an investor protection fund established by Congress and financed completely through monetary sanctions paid to the SEC by securities law violators.

With the exception of a $7 million whistleblower award announced on January 23, the award announced Wednesday was the first award announced by the SEC’s whistleblower program since Donald Trump took office.

To date, approximately $153 million has been awarded among 43 whistleblowers who have tipped off the SEC to securities violations and fraud.

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Are you aware of fraud being committed against the federal government, or a state government? If so, the FCA can protect and reward you for doing the right thing by reporting the fraud. If you have any questions about whether you qualify as a whistleblower, please contact an attorney at Beasley Allen for a free and confidential evaluation of your claim. There is a contact form on this website, or you may email one of the lawyers on our whistleblower litigation team: Archie Grubb, Larry Golston, Lance Gould or Andrew Brashier.

Larry Golston, Beasley Allen Attorney
Larry Golston

Larry secured a $30 million whistleblower settlement involving issues of national security.

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