Three Merrill Lynch Insiders Get $83 Million in SEC Whistleblower Awards.
San Diego, CA -- (SBWIRE) -- 06/05/2018 -- The Whistleblower Institute announces that three Merrill Lynch Insiders Get $83 Million in SEC Whistleblower Awards.
Those who have a similar case or experienced a similar situation or any other wrongdoing within a corporation have certain options and should contact the Whistleblower Institute at firstname.lastname@example.org or call: 619-452–1218. There are no costs or obligations to you.
Three whistleblowers helped an U.S. Securities and Exchange Commission (SEC) investigation into Bank of America Corp.'s Merrill Lynch brokerage.
On Monday, the SEC awarded one whistleblower more than $33 million, the largest bounty issued in the seven-year history of the agency's program for rewarding tipsters for tipping off authorities about misconduct at Merrill Lynch. The other two whistleblowers will split $50 million for providing help in the same case. Total the three Merrill Lynch insiders will get more than $83 million from the SEC.
Reportedly, the three whistleblowers provided information that helped the SEC win a $415 million settlement with the bank in 2016 for engaging in complex transactions to reduce the amount of client funds that had to be set aside in reserve accounts.
" These awards demonstrate that whistleblowers can provide the SEC with incredibly significant information that enables us to pursue and remedy serious violations that might otherwise go unnoticed," said Jane Norberg, chief of the SEC's whistleblower office." We hope that these awards encourage others with specific, high-quality information regarding securities laws violations to step forward and report it to the SEC."
Whistleblowers can seek payouts if they voluntarily give the SEC unique information that leads to successful enforcement actions. Compensation can range from 10 percent to 30 percent of the money collected in a case beyond $1 million. The SEC stated it has awarded more than $262 million since issuing its first award in 2012. The previous record for a single payment was $30 million.
Merrill Lynch is the corporate and investment banking division of Bank of America. It provides services in mergers and acquisitions, equity and debt capital markets, lending, trading, risk management, research, and liquidity and payments management.
The Whistleblower Institute is an information portal for current or former employees and other people having insight information about wrongdoing and other illegal activities by individuals either individually or within corporations, through company culture and or within international affairs. Whistleblowers should keep in mind that under the Dodd-Frank Act any person who provides the Securities and Exchange Commission ("SEC") with original information that leads to a successful enforcement action with over $1 million recovered must be awarded between 10%-30% of the total amount recovered. In order to determine the total amount of the reward there are numerous factors that need to be considered. Whistleblower actions are complex and our goal is to guide any whistleblower every step of the way. The Whistleblower Institute is dedicated to partnering with any individual who have information about fraud and we work with many of the best law firms worldwide.
Those who have a similar case or experienced a similar situation or any other wrongdoing within a corporation have certain options and should contact the Whistleblower Institute.
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The material was prepared by the Whistleblower Institute for informational purposes only and is not legal or financial advice. The information is provided only as general information which may or may not reflect the most currently available public information, is not provided as a basis for any established or existing relationship, and is not intended to constitute legal or financial advice, or to substitute for obtaining such advice from an attorney or other advisor licensed in your state.
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