SEC Whistleblower Program Surpasses $1 Billion Threshold

4514 Cole Ave, #600 | Dallas, Texas 75205

Call Kardell Law Group 214-306-8045

The SEC whistleblower program achieved a significant milestone at the beginning of September when it surpassed a total of $1 billion in awards.

The agency announced this first whistleblower award in 2012, and since that time has seen steady increases in the amount of money it provides in awards to whistleblowers.

As of early September, 207 individuals have received whistleblower awards paid out of an investor protection fund established by Congress. The funds that go toward these whistleblowers are entirely financed by monetary sanctions paid to the SEC, with not a single dollar taken or withheld from the harmed investors to pay out these awards.

The threshold was passed in part due to a $110 million award, the second-highest award in the program’s history. The award went to a person who provided major independent analysis that enhanced the SEC’s ability to investigate a securities issue and reach a successful enforcement action.

The SEC whistleblower program

Whistleblowers are eligible for an award if they voluntarily offer the SEC original, credible and timely information that results in a successful enforcement action against a securities law violator. They can receive anywhere from 10 to 30 percent of the money paid out in sanctions exceeding $1 million, with the specific amount they receive hinging on the degree to which their actions aided investigators.

The SEC never reports the identify of whistleblowers, or any information that could result in the identity of the whistleblower being compromised.

There are specific protocols whistleblowers must follow when submitting clams to the SEC. To ensure you follow all of these protocols and do not threaten your ability to recover compensation after enforcement actions, work with an experienced whistleblower attorney at Kardell Law Group. This will ensure you get through the process smoothly and efficiently.

By Steve Kardell | Published December 30, 2021 | Posted in Whistleblower Litigation | Tagged SEC, SEC award, SEC whistleblower program

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.