SEC Announces Pair of New Whistleblower Awards

4514 Cole Ave, #600 | Dallas, Texas 75205

Call Kardell Law Group 214-306-8045

The U.S. Securities and Exchange Commission (SEC) announced a pair of new whistleblower awards at the start of November, both going to individuals who assisted the commission with their investigations into ongoing fraudulent schemes.

The first whistleblower received $3.6 million for their assistance. The SEC said this whistleblower alerted the agency to overseas misconduct and continued to provide valuable assistance throughout the investigation, even traveling to another country to meet with staff from the commission in person. They faced hardship in blowing the whistle and thus received a large award for their assistance.

The second whistleblower received a $750,000 award after meeting with commission staff in person and providing information about fraud that helped the SEC continue an ongoing investigation.

A big year for whistleblowing

2020 has been a record year for the SEC Whistleblower Program, showcasing once again the importance of the program and how willing people are to take advantage of reporting when they know they will be protected and when they stand to gain something.

Since the Whistleblower Program was established via the Dodd Frank Act in 2010, the SEC has issued approximately $719 million in awards to 112 whistleblowers. Whistleblowers are eligible to receive 10 to 30 percent of the total sanctions in a case if those sanctions are valued at $1 million or more.

The program has helped to curtail billions of dollars’ worth of fraudulent activity over the last decade.

To learn more about how to participate in the SEC’s whistleblower program and the steps you should take if you are aware of fraudulent activity occurring within your workplace, contact an experienced whistleblower lawyer at Kardell Law Group today.

By Steve Kardell | Published January 18, 2021 | Posted in Whistleblower Litigation | Tagged SEC whistleblower award, Securities and Exchange Commission

Awards & Honors

Our Office

Dallas Office
4514 Cole Ave
#600
Dallas, Texas 75205
Phone: 214-306-8045
Fax: 469-729-9926

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.