Seminar ID: 105369

Tips From SEC Whistleblower Attorneys to Maximize an SEC Whistleblower Award

Tips From SEC Whistleblower Attorneys to Maximize an SEC Whistleblower Award

Whistleblowers eligible for an award.

Most individuals, regardless of citizenship, may be eligible whistleblowers if they voluntarily provide the SEC with original information about a possible violation of the federal securities laws that has occurred, is ongoing, or is about to occur. The information provided must lead to a successful SEC action that results in monetary sanctions exceeding $1 million. One or more people can act as a whistleblower, but companies or organizations cannot qualify as whistleblowers. Furthermore, individuals are not required to be employees of a company to submit information about that company. Importantly, even though the SEC Whistleblower Program allows anonymous submissions through attorneys, the agency will issue an award only after it determines that the whistleblower is eligible for the award. The SEC may reduce the amount of an award if the whistleblower participated in, or was culpable for, the violation.