The Securities and Exchange Commission recently announced its largest reward to date for $14 million dollars. The whistleblower who received the award gave information to the Securities and Exchange Commission that lead to an enforcement action that recovered substantial funds. Whistleblowers who receive payments get the money from a separate fund created under the Dodd-Frank Act; so the money does not reduce the budget of the Securities and Exchange Commission. Whistleblower and securities attorneys remind the public that whistleblowers help recover taxpayer funds.
This award is the highest ever paid out by the Securities and Exchange Commission. The Securities and Exchange Commission office of the Whistleblower was established as part of the Frank-Dodd Act in 2011. Whistleblowers are rewarded for high quality original information that leads to Securities and Exchange Commission enforcement actions that recover more than $1 million dollars. Rewards can range from ten to thirty percent of the recovered funds. Whistleblower and securities attorneys say that whistleblower rewards are coming more frequently.
In this case, the whistleblower chose not to be identified. The information gained from the tip allowed the Securities and Exchange Commission to investigate quickly. It took only six months after receiving the tip for the Securities and Exchange Commission to bring an action and stop the fraud that was allegedly occurring. Whistleblowers are coming forward with information thanks to the reward program. Whistleblower and securities attorneys say that rewards are prompting insiders with knowledge to come forward and help put an end to fraud.
Evans Law Firm, Inc. handles whistleblower/false claims, consumer fraud class actions, insurance and banking fraud, consumer product liability, elder abuse, and personal injury cases. If you think that you have witnessed or are the victim of financial fraud by an insurance company, bank or individual then, contact Evans Law Firm, Inc. at (415) 441-8669 for a free and confidential consultation, or email firstname.lastname@example.org.