SEC Issues Several Whistleblower Awards In January 2022
The SEC Whistleblower program was created by an act of Congress in 2012. As of the end of January of 2022, there has now been $1.2 billion in financial compensation awarded to whistleblowers as part of the SEC’s program. The SEC issued several new whistleblower awards—totaling nearly $60 million in additional compensation—last month alone. In this article, our Florida IRS whistleblower attorneys provide an overview of the whistleblower awards issued in January of 2022.
One SEC Whistleblower Award: $13 Million
On January 6th, 2022, the Securities and Exchange Commission (SEC) announced a $13 million award to one whistleblower (SEC Order). According to the information provided to the public as part of this award, the SEC noted that the whistleblower provided extensive assistance to investigators and was instrumental in helping them understand the scope and mechanics of the fraud scheme. Emergency enforcement action was taken because of the whistleblower’s disclosures.
Two SEC Whistleblower Awards: $4 Million
On January 10th, 2022, the SEC issued two new whistleblower awards. In total, the SEC granted around $4 million in financial compensation to these whistleblowers. $2.6 million was awarded to a whistleblower who first made internal disclosures before bringing the matter to federal authorities. In a wholly separate matter, $1.5 million in compensation was awarded to a group of two whistleblowers who voluntarily cooperated with the agency to help stop securities fraud.
Three SEC Whistleblower Awards: $40 Million
On January 21st, 2022, the SEC announced three more whistleblower awards—this time to four different people. To start, a $37 million financial award was granted to two joint whistleblowers who came forward and voluntarily provided key evidence that helped the SEC take enforcement action to stop investment fraud. Next, $1.8 million in compensation was awarded to another whistleblower who came forward with new information and helped the SEC launch a more comprehensive investigation into a securities fraud scheme. Finally, in a third matter, the SEC granted $1.5 million in financial compensation to a whistleblower who provided key information that helped the agency shape its investigation strategy into an investment fraud case.
SEC Whistleblower Program: Strong Confidentiality Protections
The SEC only provides limited public information about the details of the whistleblower cases. The reason being that the SEC Whistleblower Program has strong confidentiality protections. Neither a whistleblower’s name nor the specific circumstances of their case are released to the public. Further, you can make a confidential whistleblower to the SEC through an attorney. When choosing to do so, your name will only be released to the agency if financial compensation is granted.
Schedule a Free, Confidential Consultation With an SEC Whistleblower Lawyer in Florida
At Guttman, Freidin & Celler, our Florida whistleblower lawyers have the skills and experience to represent securities industry professionals and securities industry insiders. If you are preparing to make a confidential disclosure to the SEC, we are here to help. Call us now or send us a message online for a free, no obligation initial consultation. Our law firm represents whistleblowers in the securities industry in Florida and nationwide.