The Office of Market Intelligence (“OMI”) evaluates incoming tips, complaints, or referrals (known as “TCRs”). At least two SEC attorneys evaluate each TCR submitted. Specific, credible, and timely TCRs are assigned to members of the SEC staff for further investigation or analysis. If the OMI determines that a TCR warrants deeper investigation, the staff will assign it to one of the SEC’s eleven regional offices, to a specialty unit, or to an Enforcement group in the Home Office.
If the SEC determines that it needs additional information to evaluate your TCR or to assist it in a resulting investigation, the SEC will contact you or your attorney. You should not expect, however, to receive updates from the SEC regarding your submission.
OMI reviews every TCR submitted by a whistleblower to the SEC that alleges a possible securities law violation. OMI examines each tip to identify those with high-quality information that warrant the additional allocation of SEC resources. Generally, when the evaluation of a tip could benefit from the specific expertise of another Division or Office within the SEC, the tip is forwarded to staff in that Division or Office for further analysis. When OMI determines that a tip should be considered for investigation, OMI assigns the tip to one of the SEC’s 11 regional offices, a specialty unit, or to an Enforcement group in the SEC’s headquarters.
As a matter of policy, the SEC conducts its investigations on a confidential basis. The purpose of this is to:
- protect the integrity of any investigation from premature disclosure; and
- protect the privacy of the persons involved in an investigation.
Accordingly, there may be very limited information that the SEC can share with you regarding what action, if any, the SEC has taken in response to your tip.
We have obtained multi-million dollar awards for whistleblowers. Some of the orders issuing awards to our clients note the extensive assistance provided to help the SEC secure an enforcement action. Contact us to find out how we can help you secure an SEC whistleblower award.
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