A Law360 article titled Dos And Dont’s For Lucrative SEC Whistleblower Tips quotes leading SEC whistleblower lawyer Jason Zuckerman extensively about submitting tips that capture the SEC’s attention and maximize the chances of an eye-popping payday:
Zuckerman Law’s Jason Zuckerman says the requirement that a whistleblower provide “original information” also acts as an incentive for early disclosure because of the potential for someone else to bring the same information to light first.
And any tip that gives the SEC a chance to step in and put a halt to fraud that’s still going on is likely to pique the agency’s attention.
. . . Zuckerman says a good tip will give the SEC a “roadmap for a successful enforcement action” by pointing out supporting precedent and identifying where additional evidence might be located.
. . . Voicing concerns in-house, however, isn’t always the way to go, says Zuckerman. If a company’s senior management is elbow-deep in the alleged fraud, internal reporting can be pointless and lead to retaliation, he says.
“Internal reporting will increase the whistleblower’s reward, but at certain companies, it can be futile and could potentially interfere with an SEC investigation by tipping off the company and giving it an opportunity to alter or destroy evidence,” said Zuckerman.
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