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Is it Possible to Receive an SEC Whistleblower Award When Reporting Financial Fraud?

The U.S. Securities & Exchange Commission’s whistleblower program allows eligible whistleblowers to obtain monetary awards when providing the agency with original information about securities violations, which may include financial fraud. If the SEC uses the information you provide to bring a successful enforcement action against the offender, you could receive anywhere from 10 to 30 percent of the sanctions collected as a personal award.

There are even some situations in which the SEC allows accountants and auditors to report incidents of financial fraud, making them eligible for these awards, as well.

A history of awards

There are demonstrable instances of these types of awards being handed out by the SEC in financial fraud cases. For example, in August 2016, the SEC awarded more than $22 million to a whistleblower who revealed financial violations committed by Monsanto. The agency levied an $80 million fine against the company, and the whistleblower was awarded 27.5 percent of the money collected in the sanctions for that case.

You are able to make these reports without having to worry about your identity being compromised. The SEC Whistleblower Program is required to protect the whistleblower’s identity. It keeps all information provided by the whistleblower strictly confidential and does not include any information that could reveal his or her identity. Whistleblowers can also file their reports anonymously if represented by an attorney. There are even circumstances in which the whistleblower can remain anonymous, even to the agency, until the award for the case has been determined, but even after the award the whistleblower’s identity will never be revealed publicly.

For more information on reporting financial fraud and the potential awards you could recover from the SEC, speak with an experienced Dallas whistleblower lawyer at Kardell Law Group.

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  • "Steve Kardell was terrific in representing me in some very adversarial discussions with Citigroup and also later represented me in my testimony before the Financial Crisis Inquiry Commission."  -Richard Bowen, Citigroup Whistleblower

  • "Never thought my career would end like it did after 30 years of service. I was part of the first round of the so called reduction of force. I asked myself how can I be part of this with 30 years of seniority. How did they pick these 90 plus employees? Now, the culture of this organization made you question every decision they made. It wasn’t what you knew it’s was a culture of who you know. Nonetheless, I did not accept their severance package. I immediately starting looking for an attorney who would take on my case. After the initial call to Steve I had hope again. He was open and honest about everything and reassured me he would do his best for me, and he did. I had an awesome outcome. Thanks Steve you’re the best."  -S.S.

  • "Reaching out to Steve Kardell was the best decision I made. His ability to provide immediate insight and direction was very powerful, and a huge relief during a very stressful time period. For anyone struggling with a whistleblower situation, I would highly recommend at least speaking with Steve. After a 10 minute call with him, I had a better understanding of what I was dealing with. Even better, he gave me some immediate hope. In the end Steve did a better job than I thought was possible. Steve was able to get in contact with people in my organization, that I didn’t have access to. Because of his years of experience, he already has contacts in many organizations in Dallas. The entire situation was handled peacefully. I was impressed by his ability to “keep the peace”–rather than creating a battle with the organization. The reason I didn’t reach out to a lawyer initially, was because I thought it would mean an immediate end to any hope of a positive relationship with the company. Steve was able to address my concerns, and in the end I was able to continue to work for them."  -KS

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