Wall Street fraud costs investors billions each year. The Securities and Exchange Commission recovered over $4 billion through enforcement actions in 2021 alone. Behind many successful cases stand corporate insiders who risked their careers to report violations to the SEC.
Choosing an experienced sec whistleblower lawyer can impact the outcome of a tip submitted to federal authorities. SEC Whistleblower Advocates has built a reputation as the nation’s first law firm focused exclusively on representing SEC whistleblowers. The firm’s founding partner, Jordan Thomas, served as an Assistant Director in the SEC’s Enforcement Division and helped architect the SEC whistleblower program itself.
The legal team brings unmatched prosecutorial credentials. Every attorney at the firm spent years as a senior SEC prosecutor. Robert Wilson served for over two decades investigating federal securities violations at major financial institutions. Richard Levine worked for more than 30 years at the exchange commission, most recently as Associate General Counsel for Legal Policy.
Combined, the firm’s partners led more than 500 SEC enforcement actions before transitioning to represent whistleblowers. No other whistleblower law firm matches their collective time inside the agency.
The firm’s clients have secured the largest SEC whistleblower award in history: $83 million. The Securities and Exchange Commission has collected over $1 billion in monetary sanctions from tips provided by the firm’s clients. SEC whistleblowers represented by the practice have earned hundreds of millions in whistleblower rewards under the program.
One client became the first officer of a public company to receive an SEC whistleblower award. Another case led to the first company successfully prosecuted for whistleblower retaliation claims under federal whistleblower laws.
The Dodd-Frank Act and Sarbanes-Oxley Act established protections for employees who report potential securities law violations. The SEC whistleblower program allows eligible whistleblowers to receive monetary awards ranging from 10 to 30 percent of monetary sanctions collected when recoveries exceed $1 million.
Common securities violations reported to the SEC office include:
Corporate disclosures and financial fraud account for roughly 25 percent of annual whistleblower claims. Companies may file false financial statements with regulatory authorities or mislead investors about their actual performance.
Offering fraud involves misrepresentations to investors in new securities offerings. Material facts get omitted or distorted during debt or equity raises.
Market manipulation creates artificial prices through schemes like pump and dump operations. The Satyam Computers case saw shares soar to $29 before the fraud collapsed the price to $1.80.
Investment fraud and Ponzi schemes defraud investors through false promises. Senior executives and corporate insiders sometimes orchestrate complex securities laws violations lasting years.
Violations of the Foreign Corrupt Practices Act occur when companies bribe foreign officials to win business. Siemens paid $1.9 billion in 2008 for global bribery schemes.
The SEC receives over 20,000 tips annually. Only about 2,000 cases move forward as active investigations each year. The SEC’s Division of Enforcement reviews each submission carefully.
Filing Form TCR starts the official whistleblower process. The SEC Office of Market Intelligence vets each tip for specificity and credibility. Strong submissions provide detailed evidence and clear explanations of suspected securities fraud.
Experienced SEC whistleblower lawyers understand how the agency evaluates tips. Former prosecutors know which details matter most during the vetting stage. The quality of the initial submission affects whether enforcement actions get launched.
Complex securities laws take years to master. The federal securities framework spans over 85 years of statutes and regulations. Government agency insiders know how investigations unfold from the inside.
Experienced SEC whistleblower attorneys leverage relationships across every SEC enforcement office nationwide. Former senior prosecutors understand how to present information in ways that resonate with current staff. Knowledge of the agency’s priorities and resource constraints helps shape stronger submissions.
The firm operates on a contingency fee basis. SEC whistleblower clients pay no upfront fees. Legal representation costs come from any eventual whistleblower award.
Federal court proceedings and SEC rules protect the whistleblower’s identity. Anonymous whistleblower submissions allow reporting without immediate disclosure. Lawyers can file tips without revealing client names during ongoing investigation phases.
Anti-retaliation protections prohibit companies from punishing employees who report regulatory violations to the SEC or other law enforcement. Successful whistleblower retaliation claims can result in double back pay and reinstatement.
The whistleblower law firm accepts fewer than 12 cases each year. Selectivity allows the legal team to focus resources on significant matters with strong potential for successful SEC enforcement action. The firm leverages world-class research capabilities and industry expert consultants.
Every case receives a thorough analysis before acceptance. The firm examines whether violations fall within the SEC’s statute of limitations. Independent knowledge requirements and materiality standards are evaluated carefully.
Media outlets, including The New Yorker, The New York Times, and NPR, have profiled the practice. The Wall Street Journal described Jordan Thomas as “one of the most prominent attorneys representing whistleblowers.”
SEC whistleblowers face difficult choices. Internal reporting sometimes fails to stop wrongdoing. Going to other regulatory authorities or law enforcement requires courage.
Experienced attorneys help potential whistleblowers understand their rights under the whistleblower program. A confidential consultation reviews the facts and explains possible outcomes. No promises are made about awards or enforcement results.
The SEC relies on corporate insiders to detect securities law violations early. The whistleblower program has generated over 45,000 submissions since its inception. Over 1,000 investigations have been launched. More than $1 billion has been returned to injured investors.
Working with an experienced SEC whistleblower lawyer who has a prosecutorial background may help when reporting violations to the SEC. Legal representation with agency experience can assist in navigating the complex path from tip to successful enforcement action.
A qualified firm should have former SEC prosecutors who understand federal securities enforcement, a track record of successful SEC whistleblower cases, and experience navigating the complex SEC whistleblower claim process from initial tip through potential rewards.
The SEC awards whistleblowers 10 to 30 percent of monetary sanctions collected when recoveries exceed $1 million, with payments made after a successful SEC action concludes and all appeals are resolved.
Whistleblowers can report any legal violations of federal securities laws to the SEC, and the agency may refer certain other regulatory violations to appropriate government agencies like the CFTC, IRS, or Department of the Treasury.
Most experienced SEC whistleblower firms work on contingency, meaning no upfront costs, with fees coming only from any eventual award, and whistleblower rights include the ability to review all fee arrangements before signing.
Federal law prohibits retaliation against whistleblowers who report violations, with remedies including reinstatement, double back pay, and protection of the whistleblower’s identity during investigations.
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