SEC Sets Records for Whistleblower Awards, Standalone Cases & FCPA Cases
Yesterday, the Securities and Exchange Commission (“SEC”) announced that it set several records during fiscal year 2016.
According to the SEC’s press release, the SEC gave out $57 million in awards to SEC whistleblowers during FY2016. Not only was this a record, but it was more than had been awarded to SEC whistleblowers “in all previous years combined.” Less than two months ago, the SEC announced that it had exceeded $100 million in SEC whistleblower awards granted.
The press release also stated that during FY2016 the SEC “brought a record 548 standalone or independent enforcement actions”.
Among those record 548 standalone cases were two records for cases involving investment advisers or investment companies. The SEC's 98 independent or standalone cases against investment advisers or investment companies was “the most ever” in a year for the SEC. The SEC’s total of 160 cases somehow involving investment advisers or investment companies broke a record, as well.
Another area where the SEC set a record was in Foreign Corrupt Practices Act (“FCPA”) cases, by bringing 21 FCPA-related cases during FY2016. For other types of cases that the SEC brings, see my prior post here.
These records coincide with an increase in SEC enforcement actions against public companies and their related subsidiaries over the last couple of years, which I reported on back in May.
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About the Pickholz Law Offices LLC
The Pickholz Law Offices LLC is a law firm that focuses on representing clients involved with investigations conducted by the U.S. Securities and Exchange Commission, FINRA, and other securities regulators.
The Pickholz Law Offices has represented employees, officers, and others in SEC whistleblower cases involving financial institutions and public companies listed in the Fortune Top 10, Top 20, Top 50, Top 100, Top 500, and the Forbes Global 2000. We were the first law firm ever to win an SEC whistleblower award for a client on appeal to the full Commission in Washington. Inside Counsel magazine named this achievement one of the five key events of the SEC whistleblower program. Examples of the Firm’s SEC whistleblower cases are available here.
In addition to representing SEC whistleblowers, since 1995 the Firm’s founder, Jason R. Pickholz, has also represented many clients in securities enforcement investigations conducted by the SEC, FINRA, the U.S. Department of Justice and US Attorney’s Offices, State authorities, and more. Examples of some of the many securities enforcement cases that Mr. Pickholz has been involved with are available here.
You can see what actual clients have had to say about The Pickholz Law Offices by going to the Client Reviews page on our website or by clicking here.
How to Contact the Pickholz Law Offices LLC
If you would like to speak with a securities lawyer or SEC whistleblower attorney, please feel free to call Jason R. Pickholz at 347-746-1222.
The Pickholz Law Offices remains open and will be fully operational through teleworking while we all grapple with this terrible pandemic. We hope that all of our clients, colleagues, friends, and their families remain safe and healthy. Our thoughts and prayers go out to everyone who has been affected by COVID-19.