Mar 30, 2020 | Archive
$450,000 Awarded to SEC Whistleblower Whose Significant Information Helped Focus Ongoing Investigation of Violations Ultimately Charged
Kehoe Law Firm, P.C. is making individuals aware that on March 30, 2020, the Securities and Exchange Commission announced an award of $450,000 to a whistleblower whose significant information helped focus an ongoing investigation on the violations that were ultimately charged.
The whistleblower, who had compliance-related responsibilities, is eligible for an award, because the whistleblower reported concerns about the relevant conduct internally within the company and then waited 120 days before reporting to the SEC. This is the SEC’s third whistleblower award to an individual who had compliance or internal audit responsibilities.
The SEC has awarded over $396 million to 77 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity.
Source: SEC.gov
Mar 24, 2020 | Archive
SEC Awards More Than $1.6 Million To One Whistleblower And More Than $570,000 To Two Other Whistleblowers
Kehoe Law Firm, P.C. is making individuals aware that on March 23, 2020, the SEC announced an award of more than $1.6 million to a whistleblower whose information tipped the agency to securities law violations and helped form part of the basis for charges brought in a successful enforcement action. In addition to the tip, the whistleblower provided helpful assistance early in the investigation, preserving SEC time and resources.
On March 24, 2020, the SEC announced awards totaling over $570,000 to two whistleblowers who provided significant information and assistance that helped the SEC bring multiple successful enforcement actions. The first whistleblower received an award of approximately $478,000 and the second whistleblower received an award of approximately $94,000.
The SEC has awarded approximately $396 million to 76 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
Source: SEC.gov
Feb 28, 2020 | Archive
SEC Awards More Than $7 Million to a Whistleblower – Whistleblower’s Information and Assistance Deemed Critical to The Success of an Enforcement Action
On February 28, 2020, the Securities and Exchange Commission announced an award of more than $7 million to a whistleblower whose information and assistance were critically important to the success of an enforcement action. The whistleblower, according to the SEC, provided extensive and sustained assistance, such as identifying witnesses.
The SEC has awarded approximately $394 million to 73 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity.
Source: SEC.gov
Do You Have Questions or Concerns About Providing Information to the SEC About Securities Fraud?
If so, please know that Kehoe Law Firm’s legal team understands the issues associated with making the difficult decision to voluntarily come forward with information about securities fraud or other wrongdoing. Moreover, the Firm’s legal staff has extensive experience investigating and prosecuting fraud, as well as interacting with sources of information, especially brave, honest individuals who are willing to expose fraud committed against the United States government.
If you have questions or concerns about voluntarily providing information as a whistleblower to the SEC about violations of the federal securities laws, including questions about whistleblower award eligibility or the form and manner in which the information is required to be provided to the SEC, please contact Kehoe Law Firm, P.C. by completing the form above on the right or sending an e-mail to [email protected]. If you prefer to speak privately with an attorney, please contact either Michael Yarnoff, Esq., [email protected], (215) 792-6676, Ext. 804, or John Kehoe, Esq., [email protected], (215) 792-6676, Ext. 801.
Feb 10, 2020 | Archive
Toyota RAV4 Hybrid Owners – Kehoe Law Firm, P.C. Investigating Consumer Claims on Behalf of Toyota RAV4 Hybrid Vehicle Owners/Lessees, Toyota RAV4 Model Years 2019-2020
Kehoe Law Firm, P.C. is investigating potential consumer class action claims on behalf of owners and lessees of Toyota RAV4 Hybrid vehicles, Model Years 2019-2020.
Owners and lessees of Toyota RAV4 Hybrid Vehicles, Model Years 2019-2020, are encouraged to contact Kehoe Law Firm, P.C., Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the Firm’s investigation or potential legal claims.
Recently, a class action lawsuit was filed against Toyota Motor Sales, U.S.A., Inc. and Toyota Motor North America, Inc. for alleged sales of 2019-2020 Toyota RAV4 Hybrid vehicles with defective fuel tanks. Allegedly, Model year 2019 and 2020 Toyota RAV4 Hybrid vehicles “contain a defect that prevents the gas tank from being filled to capacity.” According to the lawsuit, “Toyota advertises the RAV4 Hybrid as having a 14.5 gallon tank. However, a flaw in the fuel system routinely prevents the [Model Year 2019 and 2020 Toyota RAV Hybrid vehicles] from accepting more than 10 gallons of gas, often times far less, before the pump is triggered to prematurely shut off, even when the low fuel light is illuminated . . ..”
According to the class action lawsuit, “[t]he Fuel Tank Defect effectively reduces the usable tank capacity of these hybrid SUV’s to 10 gallons or less, drastically reducing their driving range, a major selling point and for which customers pay a premium.” According to the lawsuit, “Toyota advertises [Model year 2019 and 2020 Toyota RAV4 Hybrid vehicles] as having a 14.5 gallon tank that averages 41/38/40 mpg,” . . . and “[a] vehicle advertised as having a 14.5 gallon tank and as getting 40 mpg has a driving range of 580 miles.”
Importantly, the lawsuit alleges that “[a]s a result of the Fuel Tank Defect, owners and lessees are not obtaining the fuel tank capacity or the driving range promised by Toyota, for which they pay a premium.”
Jun 3, 2019 | Archive
On June 3, 2019, the Securities and Exchange Commission announced an award of $3 million to whistleblowers whose tip launched the SEC’s investigation and subsequent successful enforcement action involving an alleged securities law violation that impacted retail investors. The whistleblowers submitted their tip jointly to the SEC and will share the award. In this case, the whistleblowers also undertook significant and timely steps to have their employer remediate the harm caused by the alleged violations.
The SEC has now awarded more than $384 million to 64 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity.
Source: SEC.gov
May 29, 2019 | Archive
On May 24, 2019, the Securities and Exchange Commission announced that it awarded more than $4.5 million to a whistleblower whose tip triggered the company to review the allegations as part of an internal investigation and subsequently report the whistleblower’s allegations to the SEC and another agency.
According to the SEC, the whistleblower sent an anonymous tip to the company alleging significant wrongdoing and submitted the same information to the SEC within 120 days of reporting it to the company. This information prompted the company to review the whistleblower’s allegations of misconduct and led the company to report the allegations to the SEC and the other agency. As a result of the self-report by the company, the SEC opened its own investigation into the alleged misconduct. Ultimately, when the company completed its internal investigation, the results were reported to the SEC and the other agency. This is the first time a claimant is being awarded under this provision of the whistleblower rules, which was designed to incentivize internal reporting by whistleblowers who also report to the SEC within 120 days.
The SEC has now awarded approximately $381 million to 62 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards.
Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
On Feb. 21, 2018, the U.S. Supreme Court issued an opinion in Digital Realty Trust, Inc. v. Somers stating that the Dodd-Frank anti-retaliation provisions only extend to those persons who provide information relating to a violation of the securities laws to the SEC. The SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity as required by the Dodd-Frank Act.
Source: SEC.gov
