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CALIFORNIA CORPORATE & SECURITIES LAW

Is This The SEC Or The Lotto?

Last week, the Securities and Exchange Commission trumpeted that whistleblower awards have now exceeded $100 million, or a million Benjamins! “Chance, the loss or gain of a moment” The SEC’s total payout is impressive, but the number of payees is extremely small.  According to the SEC, awards were paid to only 33 persons. Moreover, 77.6% of the…

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How Much Is A Whistleblower Waiver Really Worth?

The Securities and Exchange Commission is aggressively interpreting and enforcing its rule against impeding whistleblowers.  Rule 21F-17(a) provides: No person may take any action to impede an individual from communicating directly with the Commission staff about a possible securities law violation, including enforcing, or threatening to enforce, a confidentiality agreement (other than agreements dealing with…

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Does Former Officer Have An Obligation To Turn Over Whistleblower Award?

Yesterday, the Securities and Exchange Commission announced “a whistleblower award payout between $475,000 and $575,000 to a former company officer who reported original, high-quality information about a securities fraud that resulted in an SEC enforcement action with sanctions exceeding $1 million.”  This was the SEC’s first award to a former officer because officers, directors, trustees, or…

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