Wall Street Whistleblower Reward
We Help Wall Street Whistleblowers Seek Monetary Rewards from the U.S. Securities and Exchange Commission (SEC)
Individuals who report securities fraud to the U.S. Securities and Exchange Commission (SEC) may be eligible to receive a whistleblower award in the event of a successful enforcement action. If you have information about fraud on Wall Street, an experienced SEC whistleblower lawyer can assess your eligibility to come forward and work with the SEC to obtain an award on your behalf, if warranted.
The U.S. Securities and Exchange Commission (SEC) maintains an active whistleblower reward program. If you have information about fraud on Wall Street, you may be eligible to file a complaint with the SEC Whistleblower Office, and you may be eligible to receive a sizable financial reward if your complaint leads to a successful SEC enforcement action.
We Advise Potential Whistleblowers Nationwide
We help Wall Street whistleblowers report violations of all federal securities laws and regulations to the SEC. If you are interested in seeking an SEC whistleblower reward, our lawyers can assess your eligibility and then work with the SEC on your behalf, if warranted. We have significant experience in this area, and we rely on our experience to help whistleblowers report all types of securities violations to the SEC and seek compensation for their efforts.
If you are interested in seeking a Wall Street whistleblower reward, here is what you can expect from our law firm:
- Strict Confidentiality – We will maintain strict confidentiality for all information you share with us, and we will not disclose any information to the SEC unless you authorize us to do so. While the SEC protects whistleblowers’ identities, we also file anonymous cases on behalf of our clients when desired (choosing to remain anonymous does not prevent you from seeking a monetary award if you have an attorney).
- Personalized Advice – We will provide personalized advice based on your individual circumstances. This includes assessing both your eligibility to serve as an SEC whistleblower and your likelihood of receiving an award at the end of the whistleblower process. If warranted, we can assess your ability to come forward under the IRS, FinCEN, and CFTC whistleblower programs as well.
- Direct Representation – If you decide to blow the whistle with the SEC, our whistleblower attorneys will communicate directly with the SEC on your behalf. After filing your whistleblower Tip, Compliant, or Referral Form (Form TCR), we will work with the SEC as it investigates your allegations, and we will work to secure your whistleblower award payment if your complaint leads to the recovery of monetary sanctions in excess of $1 million.
Our attorneys represent Wall Street whistleblowers at no out-of-pocket cost, and we provide ongoing assistance during the SEC’s investigation and enforcement efforts. You can expect to remain in close communication with our attorneys throughout the process; and, if you become aware of any other violations while your case is pending, we can help you report these to the SEC as well.
Eligibility Requirements to Receive an Award from the SEC
If you are interested in reporting fraud to the SEC as a whistleblower, the first step is to assess your eligibility to come forward under the SEC Whistleblower Program. While this requires an assessment of the specific information you have in possession (and the other circumstances of your case), the basic eligibility requirements are as follows:
- You must have information about fraud or other misconduct that has harmed investors (or that has the potential to harm investors).
- You must have obtained this information through independent knowledge or analysis, and it must not currently be known to the federal government.
- You must alert SEC staff through the appropriate means (filing a report internally does not qualify as blowing the whistle for purposes of seeking an award).
- You must generally be the first whistleblower to come forward (though a second whistleblower will still be eligible for compensation in some cases).
- The information you are prepared to disclose must be sufficient to demonstrate that legal action may be warranted and that total monetary sanctions have the potential to exceed $1 million.
Wall Street whistleblowers can report market manipulation, insider trading, broker and advisor fraud, financial fraud, Ponzi schemes, and other forms of unlawful conduct that have defrauded investors (or that pose risks for investors if enforcement action isn’t taken). While whistleblowers can also report forms of unlawful conduct such as anti-money laundering (AML) violations by financial institutions, foreign corruption, and misuse of ill-gotten gains, in these cases whistleblowers may need to file whistleblower claims under other programs.
SEC Whistleblower Awards: Percentages and Key Factors
Under the SEC’s Whistleblower Program, eligible whistleblowers can claim a monetary reward when the SEC pursues a successful enforcement action resulting in the recovery of $1 million or more. It is not unusual for SEC enforcement actions to involve tens of millions (if not hundreds of millions) of dollars in monetary sanctions, so this threshold will be easily surpassed in most cases.
In these cases, eligible whistleblowers can receive anywhere from 10% to 30% of the monetary sanctions collected. In FY 2023, the SEC awarded nearly $600 million to whistleblowers, and it has issued more than $2 billion in awards since establishing its whistleblower program in 2011. The largest-ever SEC whistleblower award was nearly $279 million, which was shared between two insider whistleblowers.
In other words, Wall Street whistleblower rewards can be (and often are) substantial. The factors that the SEC considers when determining specific award percentages include:
- The value of the whistleblower’s information disclosed in the initial complaint
- Any other critical investigative leads the whistleblower provided
- The whistleblower’s level of involvement in the SEC’s investigation
- Whether the SEC received information from any other whistleblowers (in which case it may issue multiple awards)
- The severity of the violation(s) disclosed and the total monetary sanctions collected
Importantly, in addition to providing for whistleblower awards in appropriate cases, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) also prohibits job-related retaliation against whistleblowers. While the SEC can take action against companies and firms for retaliating against whistleblowers, whistleblowers can also file retaliation lawsuits in federal court when necessary. In retaliation cases, whistleblowers can sue for damages (including back pay) and other remedies.
FAQs: Serving as an SEC Whistleblower When You Work (or Worked) on Wall Street
Can I receive a monetary reward for reporting a violation of the Sarbanes-Oxley Act (SOX) to the SEC?
Yes, it is possible to receive a monetary reward for reporting a violation of the Sarbanes-Oxley Act (SOX) to the SEC. To seek a monetary reward, you must come forward under the SEC’s Whistleblower Program; and, to maximize your reward eligibility, you must be prepared to work with the SEC during its investigation. Our attorneys can assist with submitting a compliant SEC whistleblower claim, and we can work with the SEC on your behalf.
Can I receive a monetary reward for reporting a violation of the Foreign Corrupt Practices Act (FCPA) to the SEC?
The SEC accepts select whistleblower complaints involving violations of the Foreign Corrupt Practices Act (FCPA). However, in many cases, reporting an FCPA violation as a whistleblower will involve coming forward to the U.S. Department of Justice (DOJ). Our attorneys have extensive experience working with the DOJ as well (including prior experience as DOJ prosecutors). We can determine where you need to file your whistleblower complaint, and then we can work with the appropriate federal authority on your behalf.
Can I receive a monetary reward for contributing information to an existing investigation into fraud on Wall Street?
While less common, it is possible to receive a monetary reward for contributing information to an existing SEC investigation in some cases. If you are interested in contributing information to an existing investigation, our attorneys can assess your situation and help you make an informed decision about how best to proceed.
Does the False Claims Act cover securities fraud?
The False Claims Act generally does not cover securities fraud. Instead, reporting securities fraud to the federal government involves filing a whistleblower complaint with the U.S. Securities and Exchange Commission (SEC) in most cases. Similar to False Claims Act cases, whistleblower protections and compensation awards are available in SEC cases as well.
What qualifies as a “covered action” under the Dodd-Frank Act?
A “covered action” under the Dodd-Frank Act is any enforcement proceeding in which a whistleblower is eligible to receive a monetary award. If you have (or believe you may have) information about a Dodd-Frank Act violation and are interested in learning about serving as a whistleblower, our lawyers can explain everything you need to know.
Schedule a Free and Confidential Consultation with an Experienced Wall Street Whistleblower Attorney
If you are interested in learning more about seeking a monetary reward as a Wall Street whistleblower, we strongly encourage you to get in touch. To schedule a free and confidential consultation with an experienced federal whistleblower attorney at Oberheiden P.C., please call 866-320-3959 or contact us confidentially online today.