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SEC Awards Whistleblower $500,000 After Tip About Misconduct

In May, the U.S. Securities and Exchange Commission (SEC) awarded a whistleblower more than $500,000. The company insider had provided valuable information to the agency that “prompted an SEC investigation into well-hidden misconduct” and led to a successful agency enforcement action.

The award marked the second in a week by the SEC after more than three months without a single award issued. Earlier in the week, it awarded $4 million to a whistleblower who provided a high-quality tip to the agency and then provided valuable industry insight and experience during a follow-up investigation.

According to Jane Norberg, chief of the SEC’s Office of the Whistleblower, company insiders have a unique ability to provide the agency with specific, meaningful information that enables the agency to better protect the marketplace and investors. In many cases, the SEC would never find out about these incidents of wrongdoing without the bravery and assistance of these whistleblowers.

The 44th whistleblower award issued

This award marked the 44th whistleblower award the SEC has issued. In all, these awards total more than $154 million.

The SEC did not release any information on the whistleblower’s identity, as federal law protects whistleblower confidentiality and prevents the agency from releasing any information that could either directly or indirectly reveal the person’s identity.

Whistleblowers are eligible for SEC awards when they provide the agency with original, credible and timely information that leads to a successful enforcement action worth $1 million or more. Awards range from 10 to 30 percent of the money collected in a successful enforcement action.

For further guidance and advice on filing a whistleblower tip with the SEC, reach out to an experienced 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

  • "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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