WHISTLEBLOWER UPDATE: SEC AWARDS LARGEST-EVER WHISTLEBLOWER AWARD

whistleblower update: sec awards largest-ever whistleblower award

5/6/2023

If you are considering blowing the whistle, contact Nashville Whistleblower Atorney Timothy L. Miles today

sec whistleblower awarded the largest whistleblower award ever

silver whistle on top of stacks of 100 dollar bills

Contact Nashville Whistleblower attorney Timothy L. Miles if you are considering blowing the whistle

The U.S. Securities and Exchange Commission (SEC) announced yesterday that it had awarded the largest-ever whistleblower award to a SEC whistleblower whose assistance and information led to the successful enforcement of SEC and related actions. The whistleblower award of nearly $279 million is the highest whistleblower award in the program's history and is more than double the $114 million whistleblower award issued to a SEC whistleblower last October.

Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, emphasized that the whistleblower award incentivizes a SEC whistleblower to come forward with information about potential securities volitions. Creola Kelly, Chief of the SEC’s Office of the Whistleblower, commenting on the whistleblower award, stated that the information and assistance provided by the SEC whistleblower was critical to the success of the actions.

Payments to a SEC whistleblower are made out of an investor protection fund, established by Congress, which is financed entirely through monetary sanctions paid to the SEC by securities law violators. A SEC whistleblower may be eligible for a whistleblower award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. A SEC whistleblower is provided strong whistleblower protections under the Dodd-Frank Act, including protecting the confidentiality of the SEC whistleblower and not disclosing any information that could reveal the identity of a SEC whistleblower.

Whistleblower awards for a SEC whistleblower can range from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million. Given the strong whistleblower protections afforded to whistleblowers under the Whistleblower Protection Action which prohibits whistleblower retaliation, the whistleblower award should indeed incentivize a SEC whisteblower to come forward with information of securities violations knowing they can possibly receive such a large whistleblower award while being protected from whistleblower retaliation under the Whistleblower Protection Act and other whistleblower protections afforded to anyone considering blowing the whistle.

if you are considering blowing the whistle, contact a nashville whistleblower attorney today

If you are thinking of blowing the whistle, and have information about fraud against the U.S. government, contact Nashville Whistleblower Attorney Timothy L. Miles who can guide you through the process and explain you whistleblower protections which prohibit whistleblower retaliation under the Whistleblower Protection Act. Call today and see what a Nashville Whistleblower attorney can do for you.

TIMOTHY L. MILES, ESQ.

Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website.

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