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Recent SEC Whistleblower Award Worth Nearly $1 Million

The U.S. Securities and Exchange Commission (SEC) recently announced one of its latest whistleblower awards, worth more than $900,000. In this case, a whistleblower’s tip helped the SEC bring multiple enforcement actions against various parties.

Per federal law, the SEC did not release the name of the whistleblower or any information on the case that could have revealed the individual’s identity. The award was the second to be issued in less than a week, which the chief of the SEC’s Office of the Whistleblower said is an indication of the quality of the tips the agency is receiving.

Whistleblowers continue to see higher awards

The SEC’s Office of the Whistleblower, implemented as part of the Dodd-Frank Act of 2010, continues to provide substantial incentives for whistleblowers to come forward with complaints. Over the past five years, the agency has awarded more than $136 million to 37 different whistleblowers, all of whom became eligible for these awards by providing the agency with useful, original information that contributed to successful enforcement actions.

Whistleblower awards may be worth anywhere from 10 to 30 percent of the money collected if sanctions exceed $1 million in value. All the payments to these whistleblowers come from an investor protection fund Congress established along with Dodd-Frank. Money in the fund comes from the sanctions the SEC levies when it finds an organization has been in violation of federal securities law.

If you are looking to expose wrongdoing within your organization or agency, you may need to assert your rights through a variety of processes, including corporate internal investigations. To learn more, meet with a skilled Dallas attorney at Whistleblower Law for Managers.

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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

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  • "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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