Audet & Partners, LLP has learned that the Securities and Exchange Commission is poised to pay out around $30 million to an individual who called ongoing fraud to the government’s attention. The fraud in question apparently involved illegal investment-related activity that defrauded investors of millions of dollars. In a formal Order, the SEC stated that the whistleblower award would have been more sizable had the informant reported the illegal activity sooner and that the delay in relating information to the government resulted in “significant monetary injury that otherwise might have been avoided.
This whistleblower award was made under provisions of Dodd-Frank legislation enacted in 2012 which allows for awards between 10 to 30 percent to individuals who report activities that operate to defraud the government.
Audet & Partners, LLP has previously reported on other sizable whistleblower (or qui tam) awards paid to individual informants, or “relators.” Earlier this year the federal government accepted a $124 million settlement against Omnicare, a provider of pharmaceuticals and pharmacy services to U.S. nursing homes.
If you have personal knowledge of illegal corporate activities that may be defrauding the federal government, you are urged to contact a whistleblower attorney at Audet & Partners, LLP by calling (800) 965-1461, or you can request a free, confidential consultation by completing and submitting our confidential inquiry form on the right side of this page.
You should understand that federal law offers complete protection for informants against retaliatory actions by employers against employees who act as whistleblowers. To learn more, please visit our Whistleblower page by clicking here.