When you find out that someone you know is engaging in fraudulent activities or other investment frauds, it can put you in a difficult position. Thankfully, when you find out this information with a friend or colleague, you’ll have someone to talk to about the situation and maybe feel less alone.
But, you might be wondering how you can become a whistleblower if more than one person has the same information. The good news is that the U.S. Securities and Exchange Commission (SEC) does allow would-be whistleblowers to file their tips jointly.
If you would like to know more about what happens when you become a whistleblowing team and how your award will be issued if you qualify, continue reading.
What to Expect When You Blow the Whistle Jointly
Joint whistleblowers can choose to work with an attorney to ensure that each individual whistleblower is treated fairly. You will come in and review the information you have with your lawyer. The decision will then be made whether to report your tip to the SEC. At that point, you’ll be listed as joint files on your tip submission and your case will proceed the same way it would if you had filed on your own.
You may need to have individual interviews with the SEC investigations if they choose to open an investigation, but both whistleblowers should then be entitled to a whistleblower award if the necessary criteria has been met.
Determination of Your Whistleblower Reward
Both whistleblowers should be able to obtain an award if each has contributed equally to the information that led to the SEC’s discovery of securities fraud. If one whistleblower had additional information that contributed to the success of the SEC’s investigation, then it is possible that this whistleblower will be entitled to a higher reward than the other, though it will vary with every case.
Either way, joint whistleblowers will be entitled to anywhere between 10 and 30 percent of the imposed sanctions recovered by the SEC.
Consult an SEC Whistleblower Lawyer
When you and another potential whistleblower are ready to take the leap and report your tip to the SEC, speak with a reputable SEC whistleblower lawyer at Meissner Associates. You and your colleague can come in for a confidential consultation by visiting our website and completing our online contact form or calling our firm at 1-866-764-3100.