The SEC Whistleblower program allows individuals to report securities fraud. Securities fraud does not have to involve government money. The SEC Whistleblower Act is not similar to filing a class action. A case is not filed in Court. A confidential “tip” is filed on a Form TCR with the SEC. The whistleblower can remain anonymous when seeking to report securities fraud.
What is Securities Fraud?
The types of securities fraud that can be pursued under the SEC whistleblower program include any securities law violations and bribery of foreign officials. Examples of securities fraud include:
- market manipulation
- insider trading
- ponzi schemes
- misstatements of material fact in disclosures to the SEC
Rewards for Reporting Securities Fraud
If a whistleblower reports securities fraud and the SEC recovers money, he/she could be entitled to a reward. The percentage of the reward is discretionary and ranges from 15-30%. The SEC has rewarded whistleblowers for reporting securities fraud in the past. If you are interested, you can find SEC whistleblower award trends here.
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