Boca Raton, Florida – Wednesday, December 20, 2023—SEC Whistleblowers Attorneys, a strategic alliance between Silver Law Group and The Law Firm of David R. Chase, discuss this year’s largest awards in the SEC’s whistleblower program. Our team of lawyers, analysts, and support staff are uniquely singularly focused on representing whistleblowers before the Securities and Exchange Commission. Learn more about us at secwhistleblowerattorneys.com.
In FY 2023, the SEC has awarded nearly $600 million in awards to 68 whistleblowers who assisted the SEC in bringing successful enforcement actions. This year’s awards include:
- The largest award in the program’s history saw a single whistleblower receive a bounty of $279 million for the assistance given to both the SEC and another federal agency
- Significant information from another whistleblower led to a large amount of money returned to harmed investors
- Seven whistleblowers shared a bounty of $104 million after reporting company’s misconduct by its subsidiaries in three jurisdictions. This group included foreign nationals. This was the fourth largest award in the program’s history and included another award for contributions to related actions from another federal agency.
- Another whistleblower earned a $9 million award after their “persistent efforts” to remediate misconduct led to an enforcement action, which also awarded $3 million to a second whistleblower in the same case who offered additional information.
In FY 2023, the SEC received 18,354 whistleblower tips and information, the highest number on record. That’s a 32% increase over FY 2022 and nearly 84% FY 2012, the program’s inaugural year. These tips were submitted by whistleblowers both inside and outside of the United States. The most frequently submitted complaints were about cases regarding:
- Manipulation, 24%
- Offering Fraud, 19%
- Initial Coin Offerings and Crypto Asset Securities, 14%
- Corporate Disclosures and Financials, 10%
In FY 2023, the SEC brought a total of 784 enforcement actions against companies. The primary accusation type persisted as faulty issuer reporting and disclosure, making up 45% of all filed actions—a figure 1.5 times higher than that of 2022. Following closely were broker/dealer cases, ranking second in prevalence, succeeded by allegations associated with the Foreign Corrupt Practices Act. The SEC has brought other cases such as cryptocurrency fraud (including FTX and Sam Bankman-Fried), Ponzi schemes, insider trading, failing to disclose, and a variety of other related causes.
Securities Whistleblowers Attorneys also announce their website has also been revised and expanded with new and up-to-date information on the Whistleblower program for those interested in submitting tips. The website has a full menu of information discussing each aspect of the Securities Whistleblower program, along with a separate page of FAQs. Another page of Resources has additional links to topics such as Anti-Money Laundering, Anonymous whistleblowers, The Dodd-Frank Act, Sarbanes-Oxley, and others.
Potential whistleblowers can also watch videos and listen to the attorneys discuss important topics on their YouTube channel as well as in podcast segments from Cut to the Chase. Their blog, SECWhistleblowerLawyers.net, is regularly updated with related news items.
Retaining Experienced SEC Whistleblower Attorneys
Whistleblowers help everyone by notifying the SEC of conduct that harms the investing public, while also earning financial compensation for themselves. Hiring experienced SEC counsel may greatly increase the probability that the SEC will initiate an investigation based on your information. If you wish to remain anonymous, you must be represented by an attorney, who will submit everything on your behalf.
Silver Law and the Law Firm of David R. Chase jointly have experienced SEC whistleblower lawyers, including a former SEC Enforcement attorney on the team, so you will always have guidance throughout the process. Our SEC whistleblower attorneys can help you if you have information regarding securities or investment fraud, violations of federal securities laws, false filings, market manipulation, or other misconduct. You must provide timely, credible, and original information or analysis to be eligible.
Contact us through our online form or at (800) 975-4345 for a consultation. Our attorneys work on a contingency fee basis. This means that it costs you nothing to hire us, and we collect our fees only if you receive an SEC bounty. Because we get paid when you do, we have the incentive to help you collect the maximum award available.
Scott L. Silver, Esq.
11780 W. Sample Road
Coral Springs, FL 33065
800-975-4345 (Toll Free)
securitieswhistleblowerattorneys.com
Email: [email protected]
Tags:
IPS, Reportedtimes, iCN Internal Distribution, Google News, BNN, PR-Wirein, Go Media2, Go Media, CE, Legal Newswire, English