Berman Tabacco Clients Awarded over $50 Million in Second Largest SEC's Whistleblower Award
Boston, Massachusetts--(Newsfile Corp. - April 15, 2021) - Today, the U.S. Securities and Exchange Commission ("SEC") announced an award of over $50 million to joint whistleblowers who provided "exemplary assistance" during the course of an investigation into "highly complex transactions" that resulted in the return of "tens of millions of dollars to harmed investors." Represented by Berman Tabacco partner Bryan A. Wood, the whistleblowers will share the second largest award in the history of the SEC's whistleblower program.
In announcing the award, the SEC noted that the "joint whistleblowers provided exemplary assistance to the SEC staff during the investigation, including meeting with staff numerous times and providing voluminous detailed documents." Jane Norberg, Chief of the SEC's Office of the Whistleblower, noted: "Today's award is the second largest in the history of the program, reflecting the tremendous contribution of these joint whistleblowers to our ability to recover funds for harmed investors."
"This is a tremendous result for these courageous whistleblowers," commented Mr. Wood. "They dedicated countless hours to working closely with the SEC and the U.S. Department of Justice to provide critical information into this very complex fraud."
Generally, the SEC does not disclose details about its whistleblower awards and, in this matter, the whistleblowers have chosen to remain anonymous. Since its inception, the SEC's Office of the Whistleblower has paid out approximately $812 million to 151 individuals.
"Not only is this a great result for our clients, but it also serves as a testament to the perseverance and dedication of the SEC's enforcement division, which was vigilant in pursuing this fraud," noted Mr. Wood. "In addition, it is a triumph for the SEC's Office of the Whistleblower, which really appears to be hitting its stride in serving courageous whistleblowers like our clients."
Berman Tabacco is one of the country's highly ranked class action law firms representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. Since 2011, the firm's whistleblower department has represented clients before the U.S. Securities and Exchange Commission ("SEC"), the Internal Revenue Service ("IRS") and the Commodity Futures Trading Commission ("CFTC"). In addition, we assist whistleblowers in rooting out fraud against the government through litigation brought pursuant to federal and state false claims acts, commonly known as qui tam cases. If you are considering submitting a whistleblower tip to the SEC, we urge you to contact us for a free consultation.
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