Did you know whistleblowers get between 10 and 30 percent of the amount the government collects from securities law violators? Now more than ever, it can pay big to be a whistleblower.
Last year, a whistleblower was awarded more than $30 million for assistance and information that exposed and ended a massive securities fraud. The client was represented by Phillips & Cohen. To date, that is the largest SEC award ever made.
According to attorney Erika A. Kelton “The SEC acted quickly as a result of the information and assistance our client provided. The fraud was such that it’s unlikely that it ever would have been detected if our client hadn’t come forward.”
Recently, another whistleblower represented by Phillips & Cohen was awarded more than $3 million by the Securities and Exchange Commission (SEC). The whistleblower provided assistance and information that led to a significant enforcement action.
This is the second largest award the SEC has made to a client of Phillips & Cohen in the past 10 months.
The whistleblowers in both cases chose to remain anonymous in order to protect their careers and their jobs. Confidentiality is highly important. The Dodd-Frank Act makes sure the SEC doesn’t disclose any information that would tie whistleblowers to particular actions taken against individuals or companies.
Dodd-Frank encourages everyday private citizens to report any wrongdoing to the SEC in exchange for anonymity, rewards and job protection.