Whistleblowers and Victims of Fraud
SEC Whistleblower Program
Attorneys Advocating for SEC Whistleblowers Throughout the Country
Publicly traded securities in the United States are valued at almost fifty trillion dollars. The enormous size and complexity of our markets and the advisors, brokers, and other intermediaries who function within them make it impossible for any regulatory agency to root out fraud and deception on its own. To help accomplish that monumental task, the Securities and Exchange Commission (SEC) relies heavily on information from whistleblowers. Sometimes those with the best view of fraudulent conduct are reluctant to report the actions they witness out of fear of retaliation, but SEC whistleblowers have numerous protections under the law. If you would like to report fraud or other wrongdoing by a company in the public markets, or by and advisor or broker, it is in your best interest to speak to an attorney as soon as possible. The whistleblower lawyers at Pugsley Wood, LLP have obtained tens of millions in SEC awards on behalf of their clients. They have many years of experience navigating the complexities of SEC whistleblower cases and have the resources and knowledge to help you protect your interests, including your identity if necessary.
The SEC Whistleblower Program
Congress created the SEC Whistleblower program to offer financial incentives to whistleblowers for reporting securities violations to the SEC. Under the program, you are a “whistleblower” if you voluntarily provide the SEC with original information or analysis regarding potential violations of the federal securities laws that have happened, are about to happen, or are ongoing.
Your report is voluntary unless you have already been asked by the SEC or another government agency to provide the information. Your report is original if it derives from your independent knowledge of the facts giving rise to the violation or your own analysis of information that reveals a violation. Information that has already been the subject of public reports or that is entirely derivative of third-party information is not generally considered to be original.
Whistleblower reports to the SEC are made on Form TCR. The strength of your submission, including its detail, organization, and analysis, plays a significant role in whether the SEC will investigate your tip. During 2020, the SEC received more than 6,900 whistleblower tips. The attorneys at Pugsley Wood have the experience and connections with SEC regional offices to ensure that your report is as strong as possible and reaches those with an interest in investigating it.
Whistleblowers who want to receive the maximum award should cooperate with the SEC to answer questions, provide documents, provide investigative assistance, and help the government to move a case to a successful conclusion. Our attorneys have extensive experience assisting whistleblowers with that process. We strive to make this process as easy as possible for you, protect your interests, and increase your chances of receiving an award.
If your report leads to a successful SEC action that results in sanctions that exceed $1 million, you may be entitled to an award of between 10% and 30% of government collections. Pugsley Wood’s attorneys have an established track record of getting their client’s information to the right people and taking all the necessary steps to maximize the potential for them to receive well-deserved award compensation for reporting violations of the securities or other laws.
Protections for SEC Whistleblowers
Almost 70% of whistleblowers work or used to work with the companies or individuals they report to the SEC for violating federal securities law. Understandably, those brave individuals do not want their identities to be revealed. The SEC permits parties to submit whistleblower reports anonymously but to submit an anonymous tip a whistleblower must be represented by an attorney.
Preserving client anonymity while still providing the level of information and support needed to qualify for an award requires the judgment and expertise of an experienced attorney. The attorneys at Pugsley Wood always put the clients’ interests first, helping them understand their rights and obligations as a whistleblower ensuring that they and their privacy are protected as much as possible.
In addition to anonymity protections, the SEC whistleblower program bars employers from demoting, harassing, terminating, suspending, or discriminating against an employee in any other way for providing information to the whistleblower program or assisting the SEC in an investigation or proceeding that arises out of the information provided.
Whistleblowers who report corporate wrongdoing to the SEC can seek redress if they believe their employers have unjustly retaliated against them for those actions. The SEC can and will bring actions against companies for whistleblower retaliation. In some cases, whistleblowers may sue retaliators in federal court or file complaints with the Department of Labor. In each case, an experienced attorney is likely your best guide to protecting yourself, your family, and your career.
Speak to an Experienced Whistleblower Attorney Today
All of us depend on the integrity of the United States’ capital markets, and whistleblower reports are a key means both to hold unlawful actors accountable for their actions and to keep those markets functioning for all. If you have information regarding violations of federal securities laws, it is in your best interest to speak to an attorney. Pugsley Wood attorneys, who have obtained multiple awards on behalf of their SEC whistleblower clients, are well-positioned to advise you of your rights and help you file the appropriate tips, reports, or claims. We have offices in Boston and Salt Lake City and represent parties from all over the world who wish to hold market participants accountable. You can contact us via our online form or by calling our toll-free number – (855) 550-8300 – to set up a confidential and complementary consultation.
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- 1 Over $100 Million in Awards Obtained
- 2 Over 75 Years of Collective Experience
- 3 Handling Cases in the U.S. and Internationally