Washington, DC—Recently, the U.S. Securities and Exchange Commission (SEC) announced an award of $3.7 million to a whistleblower client of Phillips & Cohen LLP.
According to the SEC, the agency considered the following when determining the whistleblower’s award: The whistleblower provided new and helpful information that assisted the investigation; persistently raised concerns internally in an effort to remedy the misconduct; and took personal and professional risk in coming forward. In addition, the whistleblower suffered significant hardships as a result of reporting, including termination from his/her employment.
Phillips & Cohen partner Erika Kelton represented the anonymous whistleblower. She has won the most awards for whistleblower clients under the Dodd-Frank Act. Phillips & Cohen has won 24 awards under the Dodd-Frank whistleblower programs, the most of any law firm.
“The whistleblower took enormous risks when deciding to help the SEC with their investigation, including termination,” said Kelton. “This award was well deserved and I am proud to have represented the whistleblower.”
Congress created the SEC’s Whistleblower Program as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the SEC’s program rules, an individual who voluntarily provides original information that leads to an enforcement action resulting in over $1 million in monetary sanctions is entitled to receive an award between 10 to 30% of the money collected. SEC whistleblowers also are entitled to confidentiality and protection from job retaliation.
Phillips & Cohen represents whistleblowers in SEC whistleblower claims, as well as qui tam lawsuits and the whistleblower reward programs of the Commodity Futures Trading Commission and the Internal Revenue Service. Its roster includes the founding Chief of the SEC Office of the Whistleblower, the former Director of the CFTC Whistleblower Office, the attorney with the most awards under the Dodd-Frank Act, and former government prosecutors and attorneys with decades of experience representing whistleblowers.