Montana SEC Whistleblower Attorneys

In 2011, the SEC established its securities whistleblower program. This program offers prospective whistleblowers a financial incentive to come forward with information that leads to an SEC enforcement action where the SEC recovers more than $1 million from perpetrators of financial fraud or other wrongdoing.

This program exists because financial crimes can be difficult to detect and prosecute unless someone comes forward with inside information. While the prospect of a financial reward can entice people to come forward with tips, the whistleblowing process can be complex and challenging to complete. In response, the Silver Law Group and the Law Firm of David R. Chase have formed a strategic alliance to help SEC whistleblowers in Montana and the rest of the country protect their legal rights and obtain the biggest financial reward possible.

Despite being a relatively new program, the SEC has paid over $1 billion to SEC whistleblowers since 2011. This includes a recent reward of more than $18 million to a single whistleblower.

The SEC recently made changes to its whistleblowing program to make it easier for those in Maine and the rest of the country to collect a reward. One change involved allowing tipsters to receive awards even if their information led to a non-SEC enforcement action. Another modification related to how the SEC calculated rewards.

Depending on the quality of the information and how the reporting occurs, the reward can range from 10% to 30% of the total amount recovered by the SEC. In the past, the SEC could raise or lower the percentage within this percentage range. Now, any adjustments the SEC makes will increase, not lower, the reward.

The SEC enforces and investigates a wide range of securities laws, such as the Securities Act of 1933, the Sarbanes-Oxley Act of 2022, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (this is the law that created the whistleblowing program). Many types of information can potentially be reported to the SEC Office of the Whistleblower. This includes information relating to:

• Ponzi schemes
• Accounting fraud
• Bribery
• Insider trading
• Insufficient reporting systems and procedures
• Securities fraud
• Futures and commodities fraud
• Investment advisor fraud
• EB-5 investment fraud
• Market manipulation

Because of these crimes' seriousness, whistleblowers must be aware of the risk of retaliation. It often takes an experienced SEC whistleblower attorney to prevent whistleblowers from being outed and suffering retaliation.

Not just any information sent to the SEC is eligible for a financial reward. To be eligible for the financial reward, the information must meet the following three requirements:

• The information must be timely. The more recent the information, the more valuable it is to the SEC. This usually means the SEC will reward information it receives before it begins an investigation or enforcement action. Information is timely if it's voluntarily given by an individual and not if it's provided because of a court order.
• The information must be original. The SEC prefers information to first be reported through internal systems, such as the whistleblower's employer. However, this isn't a requirement, and the most important requirement is that the SEC receive first-hand information that they don't already possess.
• The information must be significant. Detailed information that isn't available to the public is what the SEC wants. The more in-depth the information, the more likely the SEC will use that in its investigation and reward the whistleblower more.

It can sometimes be difficult to determine if your information meets all three of these conditions. Whether you're in Billings, Butte, Helena, or any other part of Montana, one of the SEC whistleblower attorneys from the Silver Law Group and the Law Firm of David R. Chase can help you determine whether your information qualifies for a whistleblower reward.

The attorneys at the Law Firm of David R. Chase and the Silver Law Group have years of experience working with SEC whistleblowers. We have attorneys representing both the SEC and financial firms in whistleblower investigations and enforcement actions. This means we understand how the whistleblowing process works from all perspectives. Therefore, we know what you must do to protect yourself and your chances of receiving the largest whistleblower reward possible. Set up a free, confidential consultation by calling (800) 975-4345 or by emailing us using our online contact form.