SEC Awards $22M in a Whistleblower Case

Posted on September 11th, 2016 at 3:01 PM
SEC Awards $22M in a Whistleblower Case

From the Desk of Jim Eccleston at Eccleston Law LLC:

The Securities and Exchange Commission has awarded the second largest total whistleblower award of $22 million to a former employee whose detailed tip and extensive assistance helped the agency halt a well-hidden fraud at the company.

Since the SEC’s whistleblower program started in 2011, the largest ever whistleblower award was $30 million. The program has surpassed $100 million in total money awarded. The whistleblowers who became eligible for an award, voluntarily provided the SEC with original and useful information that led to successful enforcement actions.

The SEC says that tips from whistleblowers have increased from about 3,000 in 2012, to nearly 4,000 last year. The total amount of tips the SEC has received since 2011 is more than 14,000.

By law, the SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower’s identity.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. 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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Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

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