$13 Million Whistleblower Award First from SEC of 2022

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On January 6, the U.S. Securities and Exchange Commission (SEC) handed down its first whistleblower award of the year, a sizable $13 million pot to a whistleblower who provided the agency with unique information about ongoing fraud. The whistleblower’s original information aided the SEC in obtaining emergency relief to minimize the losses of investors.

SEC representatives said the whistleblower’s report came promptly and that the whistleblower in question offered extensive assistance to the agency’s staff by meeting in person and helping them understand the scheme.

As always, the SEC did not provide the name of the whistleblower or detailed information about the scheme to protect the whistleblower’s identity and privacy.

SEC whistleblower eligibility

Under the SEC’s successful whistleblower program, which has now been running for more than a decade, qualified whistleblowers can receive 10 to 30 percent of money recovered by the government if sanctions exceed $1 million. Factors in determining that exact percentage include the originality and significance of the information, the level of extra assistance provided by the whistleblower, the timeliness of the whistleblower’s report and any culpability on the part of the whistleblower in the misconduct.

The 2021 fiscal year was a record year for the SEC’s whistleblower program, with a total of $564 million to 108 whistleblowers, both single-year records. The SEC’s largest award ever came in October when a whistleblower received $114 million.

If you have information about securities fraud and believe you qualify for a whistleblower claim, contact an experienced whistleblower attorney at Kardell Law Group to begin your case.

By Steve Kardell | Published March 1, 2022 | Posted in Whistleblower Litigation | Tagged SEC whistleblower award, Securities Exchange Commission, U.S. Securities and Exchange Commission

Awards & Honors

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Testimonials

"Steve Kardell was terrific in representing me in some very adversarial discussions with Citigroup and also later represented me in my testimony before the Financial Crisis Inquiry Commission." -Richard Bowen, Citigroup Whistleblower
"Incredible knowledge of employee related concerns and equally brilliant knowledge of health care regulations, standards of practice. I would recommend this firm to anyone." -V.B.
"Reaching out to Steve Kardell was the best decision I made. His ability to provide immediate insight and direction was very powerful, and a huge relief during a very stressful time period. For anyone struggling with a whistleblower situation, I would highly recommend at least speaking with Steve. After a 10 minute call with him, I had a better understanding of what I was dealing with. Even better, he gave me some immediate hope. In the end Steve did a better job than I thought was possible. Steve was able to get in contact with people in my organization, that I didn’t have access to. Because of his years of experience, he already has contacts in many organizations in Dallas. The entire situation was handled peacefully. I was impressed by his ability to “keep the peace”–rather than creating a battle with the organization. The reason I didn’t reach out to a lawyer initially, was because I thought it would mean an immediate end to any hope of a positive relationship with the company. Steve was able to address my concerns, and in the end I was able to continue to work for them." -KS
"Never thought my career would end like it did after 30 years of service. I was part of the first round of the so called reduction of force. I asked myself how can I be part of this with 30 years of seniority. How did they pick these 90 plus employees? Now, the culture of this organization made you question every decision they made. It wasn’t what you knew it’s was a culture of who you know. Nonetheless, I did not accept their severance package. I immediately starting looking for an attorney who would take on my case. After the initial call to Steve I had hope again. He was open and honest about everything and reassured me he would do his best for me, and he did. I had an awesome outcome. Thanks Steve you’re the best." -S.S.