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Latest SEC Whistleblower Award Worth $3.5 Million

On Monday, December 5, the U.S. Securities and Exchange Commission (SEC) provided a whistleblower with an award worth approximately $3.5 million for providing unique, specific information that led to a successful enforcement action. Two other whistleblowers in the same action had their claims denied.

The SEC did not identify the enforcement action or the whistleblowers, as it is not allowed to do so per federal law. This was the 36th whistleblower to collect an award. Since the SEC’s Office of the Whistleblower began its program in 2011, the agency has awarded these whistleblowers with a combined $135 million. These amounts continue to grow on a yearly basis.

Other claimants did not meet SEC guidelines for awards

The other claimants in the case did not meet SEC requirements for recovering awards. At least one of them did not provide any information that was used in the SEC’s investigation, according to the agency. That whistleblower also missed the deadline for filing such a claim. The individual is now filing an appeal, arguing that the SEC did not make these deadlines clear enough.

However, all rules and guidelines for SEC whistleblower claims are posted on the agency’s website, with specific deadlines listed for each form of covered action. A “covered action” occurs when sanctions reach a value of more than $1 million, which then makes the whistleblower eligible to receive up to 30 percent of the total amount the SEC collects.

The SEC’s whistleblower program makes it easier and more advantageous for individuals to expose potential wrongdoing within their organizations. For further information and guidance, consult a dedicated attorney at Whistleblower Law for Managers in Dallas, Texas.

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Testimonials
  • "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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