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SEC Whistleblower Awards Total Reaches $158 Million

In late July, Securities and Exchange Commission (SEC) officials announced there were two more cases in which the regulator handed out whistleblower awards, totaling $4.2 million for the two whistleblowers. The total of the whistleblower payments distributed through the program is now at $158 million.

One of the awards was announced on July 27 and was for more than $1.7 million to “a company insider who provided the agency with critical information to help stop a fraud that would have otherwise been difficult to detect,” according to the press release issued by the SEC.

Another award was announced on July 25, and amounted to about $2.5 million handed out to “an employee of a domestic government agency whose whistleblower tip helped launch an SEC investigation,” according to officials.

As always, the SEC has kept the identity of these whistleblowers hidden and will not provide any additional information about anyone who provides the SEC with original, timely and credible information to help the agency catch firms or individuals who are engaged in wrongdoing.

SEC whistleblower awards can be lucrative

Any whistleblower awards handed out by the SEC can range from 10 to 30 percent of the money collected if monetary sanctions arising out of the whistleblower action exceed $1 million. All these payments come from an investor protection fund established by Congress and entirely financed by monetary sanctions paid to the SEC by violators of securities laws. No money has ever been taken or withheld from harmed investors to pay whistleblowers for their assistance.

The SEC has now rewarded 46 whistleblowers for the useful information they provided to the agency.

To learn more about how you can make a whistleblower report with the SEC, contact a skilled Dallas attorney 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

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