the extent to which, you participated in your company’s internal compliance and reporting systems. Think about:
-whether you reported internally before, or at the same time as, you reported to the SEC; and
-whether you assisted any internal investigation concerning the violation.
Conversely, the SEC may reduce the amount of an award based on these considerations:
1. If you participated in, or were culpable for, the securities-law violation(s) you reported. Consider the following:
-your role in the violation; -your education, training, experience, and position of responsibility at the time the violation occurred;
-whether you acted knowingly and intentionally;
-whether you financially benefitted from the violation;
-whether you committed a violation in the past;
-the egregiousness of the underlying violation; and -whether you knowingly interfered with the SEC’s investigation of the violation.
2. If you unreasonably delayed reporting the violation(s) to the SEC. This determination is based on:
-whether you failed to take reasonable steps to report or prevent the violation from occurring or continuing;
-whether you were aware of the violation but reported to the SEC only after learning of an investigation into the misconduct; and
-whether there was a legitimate reason for you to delay reporting the violation.
3. If you interfered with your company’s internal compliance and reporting systems. Consider whether you knowingly:
-interfered with your company’s reporting systems to prevent or delay detection of the violation; or
-made materially false statements, or provided false documents, to hinder your company’s ability to detect, investigate, or remediate the violation.
Why should I choose the Zuckerman Law to represent me in my SEC whistleblower claim?
Disclaimer
Case results depend upon a variety of factors unique to each case, and case results do not guarantee or predict a similar result in any future case undertaken by Zuckerman Law.
Zuckerman Law has successfully represented whistleblowers under the False Claims Act and the Dodd-Frank SEC whistleblower program. The firm has a licensed Certified Public Accountant and Certified Fraud Examiner on staff to enhance its ability to investigate complex financial fraud and report it to the SEC. As the SEC has limited resources, it is important to prepare a submission that identifies the core violations and persuades the SEC that the matter will likely lead to a successful enforcement action. The whistleblower lawyers at Zuckerman Law work to frame and draft whistleblower disclosures in a manner that grabs the SEC’s attention, and we have experience assisting the SEC in several investigations.
Importantly, the whistleblower lawyers at Zuckerman Law will work to quickly provide the highest-quality representation. Timely reporting is critical to maximizing the potential of an SEC award.
AFTER REPORTING TO THE SEC
What happens after I submit a tip to the SEC?
The Office of Market Intelligence (“OMI”) evaluates incoming tips, complaints, or referrals (known as “TCRs”). At least two SEC attorneys evaluate each TCR submitted. Specific, credible, and timely TCRs are assigned to members of the SEC staff for further investigation or analysis. If the OMI determines that a TCR warrants deeper investigation, the staff will assign it to one of the SEC’s eleven regional offices, to a specialty unit, or to an Enforcement group in the Home Office.
If the SEC determines that it needs additional information to evaluate your TCR or to assist it in a resulting investigation, the SEC will contact you or your attorney. You should not expect, however, to receive updates from the SEC regarding your submission.
As a matter of policy, the SEC conducts its investigations on a confidential basis.
The purpose of this is to:
• protect the integrity of any investigation from premature disclosure; and
• protect the privacy of the persons involved in an investigation.
Accordingly, there may be very limited information that the SEC can share with you or your attorney regarding what action, if any, the SEC has taken in response to your TCR.
How long does it take to receive an SEC whistleblower award?
It is very difficult to estimate when the SEC will act on a whistleblower’s information. Over 18,000 tips have been filed with the Whistleblower Office since 2011. Considering the volume of tips and the limited nature of the SEC’s resources, your tip must grab the whistleblower office’s attention to ensure that it is acted upon timely (if at all).
As a practical matter, you are more likely to get your information reviewed and acted upon if you have a lawyer advocating for you. Whistleblower lawyers, especially with experience in SEC whistleblower claims, can help you frame the information in a way that will be more likely to get the SEC’s attention. You can help this process by providing your lawyer with specific and credible information that will act as a clear roadmap of the securities-law violation(s).
Prior to submitting a claim, whistleblowers should consult with an experienced attorney to determine how best to present their TCR to the SEC.
To learn more about your rights, call Zuckerman Law 202-262-8959
[email protected] | www.zuckermanlaw.com
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