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๐ŸŒฌ๏ธ Whistleblower

Whistleblower Alert! This week the SEC has approved whistleblower awards totaling more than $6.3 million--meaning the fines levied from these tips ranged from $21-$63 million.

This week the SEC has approved whistleblower awards totaling more than $5.1 million
This week the SEC has approved whistleblower awards totaling more than $5.1 million

This week, the SEC awarded multiple whistleblower awards totaling more than $6.3 million.

The Whistleblower Program was created by Congress to provide monetary incentives for individuals to come forward and report possible violations of federal securities laws to the SEC. Under the program, eligible whistleblowers are entitled to an award of between 10% and 30% of the monetary sanctions collected in actions brought by the SEC and related actions brought by certain other regulatory and law enforcement authorities.

An interesting item among all the redacted data is that a lawyer can represent an entity without the entity having blanket 'attorney-client privilege'--meaning if you are a lawyer in one division and hear about misdeeds in another, you can submit a tip and be eligible for an award.

From the whistleblower awards this week, the $6.3 million awarded means the fines levied from these tips ranged from $21 million to $63 million.

It would be great to know more about these actions taken, especially if any of the misdeeds called out impacted GameStop!

June 17, 2024

Source: https://www.sec.gov/files/rules/other/2024/34-100358.pdf
Source: https://www.sec.gov/files/rules/other/2024/34-100358.pdf
Source: https://www.sec.gov/files/rules/other/2024/34-100358.pdf
Source: https://www.sec.gov/files/rules/other/2024/34-100358.pdf

June 20, 2024

Source: https://www.sec.gov/files/rules/other/2024/34-100385.pdf
Source: https://www.sec.gov/files/rules/other/2024/34-100385.pdf
Source: https://www.sec.gov/files/rules/other/2024/34-100385.pdf

June 21, 2024

Source: https://www.sec.gov/files/rules/other/2024/34-100392.pdf
Source: https://www.sec.gov/files/rules/other/2024/34-100392.pdf
Source: https://www.sec.gov/files/rules/other/2024/34-100392.pdf
Source: https://www.sec.gov/files/rules/other/2024/34-100392.pdf
Interesting, you can be a lawyer for an entity and the entity not have blanket 'attorney client privilege' by default.
Source: https://www.sec.gov/files/rules/other/2024/34-100392.pdf
Source: https://www.sec.gov/files/rules/other/2024/34-100392.pdf
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TLDRS:

  • This week, the SEC awarded multiple whistleblower awards totaling more than $6.3 million.
  • Eligible whistleblowers are entitled to an award between 10% and 30% of the monetary sanctions collected in SEC actions and related regulatory and law enforcement actions.
  • The $6.3 million awarded this week suggests that the fines levied from these tips ranged from $21 million to $63 million.
Good Day!
Whistleblower Alert! This week the SEC has approved whistleblower awards totaling more than $6.3 million--meaning the fines levied from these tips ranged from $21-$63 million.
by u/Dismal-Jellyfish in Superstonk
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