Becoming a whistleblower isn’t all it’s cracked up to be. In fact, blowing the whistle often puts whistleblowers in risky and dangerous situations. With this in mind, being represented by an attorney prior to officially tipping off the U.S. Securities and Exchange Commission (SEC) could reduce your risk.
Below, we go into further detail about why would-be whistleblowers should contact an SEC whistleblower lawyer for help before they go to the SEC on their own.
Becoming a whistleblower frequently results in retaliation by those who participated in the fraud you report to the SEC. If you are thinking about blowing the whistle, it may be worthwhile to contact a lawyer so you can report your tip anonymously.
The SEC allows whistleblowers to remain anonymous only when they have legal representation. This is because the SEC may need to get in contact with you at some point, or multiple times, throughout their investigation. If you have a lawyer, the SEC can speak with you through your attorney.
When you have information regarding securities violations or investment fraud, the right thing to do is to report your tip to the SEC. Not only could investors suffer considerable losses, but the brokerage firm, and even the public could be impacted by the scheme in question.
When you are hesitant to report a tip, having a lawyer by your side can help you feel empowered and reassured during times when you might wonder whether blowing the whistle was worth the risk.
Another reason to contact a lawyer when you are ready to become a whistleblower is because of the potential award. Whistleblowers who provide the SEC with valuable, original, and voluntary information may be entitled to a whistleblower award.
With an attorney representing your best interests, you can increase your chances of winning such an award, as you’ll know what type of information the SEC needs to build a compelling case against the party committing securities fraud.
However, it is important to note that only when the SEC is able to take enforceable action and recover sanctions that are greater than $1 million will the whistleblower be entitled to an award. Once all of the previously mentioned requirements are met, you could be awarded as much as 30 percent of the recovered sanctions, depending on how valuable your tip was to the SEC’s investigation.
Your attorney can provide you with updates along the way so you know how your case is progressing and what to expect moving forward.
If you are interested in learning more about how an SEC whistleblower lawyer at Meissner Associates could help you report your tip, schedule a confidential consultation.
Our firm proudly offers complimentary tip evaluations to potential whistleblowers across the country. You can take advantage of this opportunity by completing the secured contact form we have provided below or giving our office a call at 1-866-764-3100.