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SEC Awards More than $16 Million to Pair of Whistleblowers

On November 30, the U.S. Securities and Exchange Commission (SEC) Office of the Whistleblower announced a new award of more than $16 million paid to two whistleblowers. Each received an award of more than $8 million.

According to the limited information released by the SEC, the first whistleblower provided the agency with original, important insights, including the identity of key witnesses and documents. This information ultimately became the foundation for the SEC’s investigation into the wrongdoing and the subsequent action taken against the company.

The second whistleblower reportedly gave the SEC original information and other submissions that helped the agency “more fully and quickly understand” the nature and extent of the misconduct and assess the appropriate legal consequences.

With this award, the total amount of financial remedies that have been levied against wrongdoers in SEC cases started by whistleblowers has now surpassed $1 billion. The SEC has now awarded more than $175 million to 49 whistleblowers in total since it first began its whistleblower program in 2012.

Unique and actionable information

The SEC welcomes reports from whistleblowers that provide unique and actionable information regarding wrongdoing on the part of a business or organization. SEC whistleblowers stand to earn significant amounts of money in compensation if the information they provide leads to enforcement actions worth $1 million or more. Depending on the circumstances, whistleblowers could earn 10 to 30 percent of the total value of the enforcement action.

For more information on how to submit a tip to the SEC’s Office of the Whistleblower and the federal protections in place for those who accurately expose wrongdoing, speak with an experienced Dallas lawyer 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

  • "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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