On November 28, 2022, the SEC (Securities and Exchange Commission) announced a $20 million reward to a whistleblower who provided information that led to a successful SEC enforcement action. In determining this significant amount, the SEC considered that the whistleblower provided significant information and continuing assistance that helped SEC Enforcement Division staff quickly and efficiently investigate a complex issue.
The SEC and other government and law enforcement agencies rely heavily on whistleblowers to expose fraud against the government or within the securities markets. To encourage disclosure of relevant information, the law allows the SEC to provide rewards of anywhere from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million. This recent award is extremely significant and reflects the fact that the whistleblower’s assistance was critical, detailed and extensive.
An experienced qui tam lawyer can help a relator make a compelling presentation to an SEC investigator, and persuasively argue for a maximum reward for that relator’s cooperation. If you have information that you think could lead to a successful SEC enforcement action, you should strongly consider contacting the experienced team at the Law Office of Matthew Galluzzo PLLC. Mr. Galluzzo, a former Manhattan prosecutor, works closely with former federal fraud investigators to assist relators in pursuing potentially life-changing qui tam and whistleblower claims.
