How Long Does It Take for SEC Whistleblowers to Receive an Award?
In addition to knowing the criteria for becoming an award-winning whistleblower, many would-be whistleblowers want to know how long it will take for a reward to be issued if they do meet the requirements.
However, this is a difficult question to answer, as the timeline will vary on a case-by-case basis. Below, we discuss some of the factors that contribute to the amount of time it will take to receive your award, and how you can go about filing a claim for yours once the SEC’s investigation has closed.
The SEC’s Investigation and Imposition of Sanctions
The single largest factor in determining how long it will take to receive your whistleblower award is how long it will take the SEC to complete its investigation into the securities violations in question.
But it isn’t just that the SEC needs to finalize their investigation; they also need to be able to take enforceable action, impose sanctions against the fraudster, and then obtain the monetary sanctions imposed on the violating individual or corporation.
From there, the SEC’s claims review team will examine your tip and how valuable it was to the success of the case. If the found your tip to be invaluable, you can be awarded between 10-and-30 percent of the sanctions the SEC was able to recover. Once all of these steps have been completed, you’ll be able to claim your award.
The SEC investigation alone can take months or even years to close, which is why whistleblowers are entitled to such a significant number of the recovered monies. The risk that whistleblowers take can put their very livelihood in jeopardy, and that doesn’t go unnoticed by the SEC and its adversaries.
Checking the Notice of Covered Actions
The notice of covered actions is essentially a list of actions taken against violating corporations and individuals. Once you see your case on this list, you can file a claim for your reward. Rather than having to check this list every day, you can go about your life until your whistleblower attorney notifies you that it is time to claim your hard-earned award.
Work with an SEC Whistleblower Lawyer
If you would like more information on what it takes to become a whistleblower, or if you are interested in blowing the whistle on securities fraud but you aren’t sure where to start, get in touch with a respected SEC whistleblower lawyer at Meissner Associates as soon as possible.
You can come in for a confidential tip assessment to further discuss the information you’ve discovered. Just schedule your meeting by filling out the secure contact form we have provided at the bottom of this page or by calling our firm at 1-866-764-3100.