SEC Gives Largest Whistleblower Award in History
The SEC will award a record-breaking $48 million to a single whistleblower. This is excellent news for consumers and investors. The SEC is taking fraud extremely seriously. Also, the agency is rewarding good-doers for coming forward.
The Law Protects and Rewards a Whistleblower
When a knowledgeable attorney like those found at The Michael Brady Lynch Firm files a False Claims Act lawsuit, he or she files it under a seal. This means it is completely confidential. There is also a full disclosure statement in the suit, which details the evidence collected by a whistleblower.
After we file your suit, the Department of Justice will review the evidence before deciding to step in and decide if they want to prosecute the case. The government’s fraud investigator will work closely with you, the whistleblower to identify all responsible for the fraud.
You could be entitled to 15-30% of the funds recovered. In order to receive the reward, you must be the first one to file a case under the False Claims Act. This is why it is key to pick an experienced attorney to work quickly to get your compensation.
About the Largest Whistleblower Award
JPMorgan Chase & Co.’ failed to properly disclose to wealthy asset management clients certain conflicts of interest resulted in a record $30 million whistleblower award. The bank didn’t properly disclose that it was steering asset-management customers into investments that would be profitable for the bank.
In December 2015, JPMorgan agreed to pay a record $367 million asset-management settlement. That included $100 million that went to the CFTC, described as a $40 million monetary penalty and $60 million in disgorgement. The bank agreed to pay the SEC an additional $267 million
The SEC’s pad the previous record of $30 million to an anonymous whistleblower in 2014.
The Dodd-Frank Act in 2010 established the SEC whistleblower program. This reward shows that the program is working well. Agencies are pushing forward even in a tense political climate and delivering record-breaking awards. This is excellent news for whistleblowers. The risks related to reporting wrongdoing are more manageable than ever, and the potential rewards are greater.
Premier Complex Litigation Attorneys
The Michael Brady Lynch Firm has successfully represented thousands of consumers and recovered millions of dollars for their clients. Our team of attorneys has been recognized as some of the most experienced and successful in the country. Our award-winning staff is also sought after for our knowledge on complex litigation, scientific evidence development, negotiation strategies and trial tactics.
Most of all, our law office is resourceful and dedicated to pursuing any compensation you are due. Because of this, we have received a high degree of peer recognition and professional achievement, such as inclusion on numerous Plaintiff Steering Committees. We will take whatever legal measures are necessary when fighting for your rights to damages.
Therefore, if you believe you have uncovered evidence of fraud involving a government-funded program, contact us today. Our attorneys have represented many clients in the past with complex cases. As a matter of fact, we will work tirelessly to obtain results on your behalf.