A whistleblower who provided non-public information to the Securities and Exchange Commission (SEC) has been awarded a $4 million reward.
The SEC’s order granting the whistleblower reward can be found by clicking here.
Consistent with its confidentiality obligations under the Dodd-Frank whistleblower provisions, the SEC did not disclose the whistleblower’s name or any information that might directly or indirectly reveal the whistleblower’s identity.
The SEC whistleblower program provides financial incentives and legal protections to individuals who provide solid information that help uncover violations of the securities laws. To qualify, whistleblowers must provide the information voluntarily and it must lead to a successful enforcement action that results in at least $1 million in sanctions.
SEC whistleblower rewards range from 10 percent to 30 percent of the money collected. When deciding the amount of a whistleblower reward, the SEC considers the significance of the information provided, the level of assistance the whistleblower provided to the SEC, and whether the whistleblower reported the securities law violations promptly.
A whistleblower’s own involvement in the underlying violations is not an automatic disqualifying factor, but it may lead to a much lower reward.
The whistleblower must comply with strict procedures to qualify for a reward. Failure to follow the proper procedures can result in loss of status as a whistleblower.
If you have evidence of possible securities law violations, you should consult with an experienced whistleblower lawyer immediately to protect your rights. To schedule a free and confidential consultation, contact John Howley, Esq. at (212) 601-2728.
Ira Lee Sorkin, John Howley, and John Vagelatos Present a CLE Program on the Dodd Frank Whistleblower Program at the New York City Bar Association.
On September 14, 2016, the New York City Bar Association will present a Continuing Legal Education (CLE) program on the Dodd Frank Whistleblower Program.
The Dodd-Frank Act ushered in a new era of whistleblower claims, protections, and complications for whistleblowers and companies alike. While the SEC has rejected the vast majority of whistleblower claims, it has awarded more than $85 million to 32 whistleblowers in less than five years, including one award for $30 million and another for $17 million.
This program will address key developments in the Dodd-Frank whistleblower program, with an emphasis on the following issues:
The speakers include practitioners with experience representing whistleblowers, defendants, and the government.
Ira "Ike" Sorkin is a partner at Mintz & Gold P.C. He focuses his practice on white collar criminal defense, SEC enforcement and other regulatory investigations and proceedings, internal investigations, corporate governance, FINRA defense, and civil litigation. Mr. Sorkin served in the U.S. Attorney's Office in New York (Deputy Chief of the Criminal Division), at the Securities & Exchange Commission (Director of the SEC's New York office) and as the Chief Legal Officer of a member firm of the New York Stock Exchange (Nomura Holding America, Inc., and Nomura Securities International, Inc.).
John Howley is the managing partner of The Howley Law Firm P.C., where he represents clients in whistleblower, healthcare fraud, and employment cases. He has more than 25 years of experience as a trial and appellate lawyer, including arguing in the U.S. Supreme Court.
John Vagelatos is the Chief of Affirmative Civil Enforcement in the U.S. Attorney's Office for the Eastern District of New York.
This program is intended for securities, employment and criminal defense lawyers, in-house counsel, and human resources personnel.
Click here for more information and to register.