Whistleblower Alert! The Claims Review Staff (“CRS”) issued a Preliminary Determination recommending that whistleblower receive an award of almost $1.9 million.
Claimant provided original information by using his/her specialized access and knowledge to evaluate the facts for the case.
Source: https://www.sec.gov/rules/other/2023/34-97295.pdf
Background:
- The record reflects that the Claimant provided original information by using his/her specialized access and knowledge to evaluate the facts in a case against the Company and its executives to identify potential violations of the U.S. securities laws.
- As such, Claimant was able to provide an evaluation, assessment, or insight beyond what would be reasonably apparent to the Commission from the publicly available information.
- “Independent analysis” is defined under the Whistleblower Rules as one’s own “examination and evaluation of information that may be publicly available, but which reveals information that is not generally known or available to the public.”
- "Eligible whistleblowers are entitled to an award 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."
TLDRS:
- The Claims Review Staff (“CRS”) issued a Preliminary Determination recommending that whistleblower receive an award of almost $1.9 million.
- Claimant provided original information by using his/her specialized access and knowledge to evaluate the facts for the case.
How is this related to GME though?
- For anyone who is reading this (thinks interns), if you have the receipts, not only will the SEC listen and investigate based on what you report but you can also get PAID in the process--$1.9 million in this instance!
