Can I Submit an SEC Whistleblower Claim During an Open Investigation?
Whistleblowers can submit an SEC Whistleblower claim even if the Securities and Exchange Commission (SEC) already has an ongoing investigation into the matter. The SEC welcomes and encourages individuals to come forward with valuable information that can aid in their investigations, regardless of the current stage of the investigation
Written By
KKC Staff
Reviewed By
Updated
July 19, 2023
Whistleblowers can submit an SEC Whistleblower claim even if the Securities and Exchange Commission (SEC) already has an ongoing investigation into the matter.
The SEC welcomes and encourages individuals to come forward with valuable information that can aid in their investigations, regardless of the current stage of the investigation.
Even if an investigation is already open, new information can provide significant assistance in the form of adding a new perspective, corroborating existing evidence, or shedding light on a previously unexplored aspect of the case.
We are delighted to announce the addition of former SEC Acting Chair, Allison Herren Lee, to our team, further solidifying our commitment to protecting SEC whistleblowers.
Now Of Counsel at Kohn, Kohn & Colapinto, Allison Herren Lee is ready to serve and protect whistleblowers, and help them seek rewards under the SEC Whistleblower Program. If you’re an SEC whistleblower wanting to report a concern, contact our law firm today to speak confidentially with Allison H. Lee.
Timely Reporting to the SEC
It is important to note that the timing of your submission might affect your eligibility for a whistleblower award. The SEC whistleblower reward program incentivizes individuals to report securities law violations as early as possible.
The program operates on a ‘first-in-time’ basis, which means that if you are the first individual to provide the SEC with original information that leads to a successful enforcement action, you may be eligible for a financial award ranging from 10% to 30% of the monetary sanctions collected.
However, if another whistleblower has already submitted the same information, or if the SEC is already aware of the information through other sources, you may not be eligible for the reward, even if your information contributes to the success of the enforcement action.
That’s why it is crucial to file your SEC whistleblower claim as soon as you become aware of a potential SEC violation. By reporting immediately, you not only increase your chances of receiving an award, but you also contribute significantly to the SEC’s efforts to protect investors and maintain the integrity of the U.S. financial markets.
New Release
Rules for Whistleblowers
Learn more about SEC whistleblowing by reading founding partner Steve Kohn’s latest book, Rules for Whistleblowers: A Handbook for Doing What’s Right.
You can also browse the Law Library for more information on the SEC Whistleblower Program.
See Rule 19: Dodd-Frank (Securities & Commodities): Report to the SEC/CFTC
SEC Whistleblower Protections
Before deciding to report, whistleblowers should keep in mind that the SEC Whistleblower Program provides robust protections against retaliation and offers confidentiality to individuals who report securities law violations. So, you can report wrongdoing without fear of reprisals.
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