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Dodd-Frank Securities Whistleblower Incentives

The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) added Section 21F to the Exchange Act, providing for whistleblower incentives and protections, similar to the civil False Claims Act. Under the Dodd-Frank Act, whistleblowers may receive awards for reporting original information about securities law violations to the SEC. These violations include insider trading, accounting fraud, broker-dealer violations, and corporate disclosure violations.

The Dodd-Frank Act also provides confidentiality for whistleblowers who report violations to the SEC. Whistleblowers are permitted to remain anonymous until payment of the reward, which can range between 10 and 30 percent of the amounts collected by the SEC where its sanctions exceed $1 million. In determining the award percentage, the SEC generally considers the significance of the information, the degree of assistance provided by the whistleblower, and the extent to which the government wants to deter the violations in question.

Dreyer Boyajian is currently handling several cases involving whistleblower claims. If you have a potential whistleblower claim, contact our office for a free consultation with one of our attorneys.

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