BOCA RATON, Fla. — Two Florida-based securities attorneys say they helped a whistleblower secure a nearly $20 million award through the U.S. Securities and Exchange Commission’s Whistleblower Program.
Silver Law Group and the Law Firm of David R. Chase announced the award Thursday, saying their client provided information connected to an alleged securities manipulation scheme.
An SEC order filed June 25 says the claimant will receive a payment of approximately $20 million. The order says the claimant voluntarily provided original information that led to a successful enforcement action.
The order does not publicly identify the whistleblower or the company involved.
According to the SEC order, the claimant provided significant information about misconduct that would have been difficult to detect without the whistleblower’s information. The SEC also said the claimant provided “extraordinary assistance” by meeting with enforcement staff numerous times and helping them understand complex transactions.
The law firms said the SEC’s enforcement action exceeded $75 million in sanctions.
David Chase, principal of the Law Firm of David R. Chase and a former SEC prosecutor, said the SEC was unaware of the alleged misconduct until the whistleblower reported it.
Scott Silver, managing partner of Silver Law Group, said the client reported alleged misconduct involving a major financial institution and retail mutual funds.
The SEC Whistleblower Program was created to encourage people to report possible federal securities law violations. Whistleblowers can receive between 10% and 30% of sanctions collected in successful actions of more than $1 million.
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