SEC Approves Largest Ever Whistleblower Awards

Posted on March 26th, 2018 at 9:59 AM
SEC Approves Largest Ever Whistleblower Awards

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has announced that it will award its highest-ever whistleblower payouts, with two whistleblowers sharing a $49 million award, and another whistblower receiving a $33 million award. Before this announcement, the next largest award the SEC issued was $30 million in 2014.

More specifically, in June of 2016, three separate individuals filed whistleblower claims asserting that Merrill Lynch misused customer cash to fund its own business activities, instead of holding it in reserve.

As a result, the SEC brought an enforcement action that led to a $415 million settlement with Merrill Lynch.

The SEC’s whistleblower program has been an important tool since its inception in 2011. The award distributions are made out of an investor protection fund established by Congress. The standard to obtain an award requires that the whistleblower’s information must be unique, useful and leads to a successful enforcement action. 

Eccleston Law, LLC helps individuals file and document their SEC whistleblower claims while maintaining confidentiality. Please contact us for further information.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities Fraud, Compliance Protection, Breach of Fiduciary Duty, FINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston

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