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SEC Awards $4 Million to Whistleblower Who Alerted Agency to Fraud

The U.S. Securities and Exchange Commission (SEC) has provided an award of $4 million to a whistleblower who provided the federal agency with information related to a major instance of fraud.

The SEC does not disclose much information related to its whistleblower awards, and it is careful to hold back any information that could reveal the identity of the recipient.

Adding in this recent award, the SEC has now provided more than $110 million to 34 different whistleblowers over the past five years. The largest is still the $30 million award the agency gave out in 2014, and there was also a $22 million award earlier this year.

According to the SEC, tips from whistleblowers have allowed the agency to collect more than $500 million in sanctions, with more than half of that money going to harmed investors. Last year, the SEC reported receiving more than 4,000 tips, adding up to about 14,000 since the program was launched in 2011.

To date, whistleblower tips have come from every state in the country, along with the District of Columbia and 95 countries worldwide. These individuals may receive between 10 and 30 percent of the money the SEC recovers in enforcement actions, providing a big incentive for those who are aware of wrongdoing to come forward.

It is now easier and safer than ever to serve as a whistleblower, but there are still numerous legal issues to consider first. To learn more about the protections offered and how you can move forward effectively, speak with an experienced Dallas lawyer at Whistleblower Law for Managers.

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In his new book, "Standing Up to China: How a Whistleblower Risked Everything for His Country," former client & Author, Ashley Yablon, quotes Attorney Steve Kardell about Whistelblower Law.
  • "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

  • "Incredible knowledge of employee related concerns and equally brilliant knowledge of health care regulations, standards of practice. I would recommend this firm to anyone."  -V.B.

  • "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

  • "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.