Securities and Exchange Commission Whistleblower Program
When Congress included whistleblower provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), the program faced considerable opposition. Many large banks and companies, along with the Chamber of Commerce, argued that it would cut against existing compliance efforts and provide an unwanted incentive for employees who are responsible for identifying and investigating misconduct to blow the whistle prematurely on actions they were employed to catch and change.
Over seven years in, however, the program has proved to be a huge success, enabling the Securities and Exchange Commission (“SEC”) to uncover and prosecute fraud in hundreds of cases. The California and San Francisco securities whistleblower attorneys at Evans Law Firm, Inc. represent whistleblowers in SEC cases and know how best to organize your information and documentation for your whistleblower application and can guide your application from initial submission through investigation and discovery to trial or settlement. If you have credible information of securities fraud in California call us today at (415)441-8669 and we can help.
The SEC has recovered nearly $1 billion in financial penalties from wrongdoers since the program’s inception. The awards to whistleblowers have been big too. Since the agency issued its first award in 2012 through September 2017, the program awarded roughly $160 million in whistleblower awards to 46 individuals. Whistleblower tips have been increasing sharply as well: the SEC received 4000 tips in fiscal year 2017 up 50% from the previous year.
The SEC’s Office of the Whistleblower (OWB) handles all tips and formal applications. If a whistleblower chooses to submit an anonymous tip to the OWB, the whistleblower must be represented by counsel. The OWB will keep the identity of the whistleblower confidential and will not disclose the identity to third parties, except in limited circumstances authorized by a statute or other provision of law.
Protection Against Retaliation
Dodd-Frank also broadened prohibitions against employer retaliation aimed at whistleblowers. The SEC can take legal action against retaliating employers. Dodd-Frank also created a private right of action that gives whistleblowers the right to file a retaliation complaint against an employer in federal court. This means that if you are a whistleblower who has reported a possible securities law violation and believe you have been retaliated against because of your report, you may be able to sue your employer in federal court and seek double back pay (with interest), reinstatement, reasonable attorneys’ fees, and reimbursement for certain costs in connection with the litigation. The whistleblower attorneys at Evans Law Firm, Inc. can represent you in any federal court action for retaliation as well as represent you in your underlying whistleblower application.
If you or someone you love has information regarding a whistleblower/qui tam case in San Francisco or elsewhere in California involving the Securities and Exchange Commission Whistleblower Program, False Claims Act cases, the Internal Revenue Service Whistleblower Office, or the FINRA Whistleblower Office or other illegal activity, contact California whistleblower attorney Ingrid Evans and the other Evans Law Firm whistleblower attorneys at (415) 441-8669, or by email at <a href=”mailto:firstname.lastname@example.org”>email@example.com</a>. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a FINRA Arbitration, jury trial or toward an equitable settlement. We also handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.