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Tax Blog

Securities and Exchange Commission

Today, the SEC awarded a whistleblower $3.5 million for revealing a large securities scam that was in process. While the details of the case are closely guarded along with the identity of the whistleblower, the program has so far awarded $135 million to a total of 36 whistleblowers.

These actions have resulted in financial remedies of $874 million in financial remedies to victims. Whistleblowers are entitled to awards ranging from 10% to 30% when the recoveries climb past $1 million. The funds are paid out of an investor protection fund created by congress and they are not paid with victim’s money.

Comment: The unfortunate reality is that in spite of the internet, easy background checks, ability to check and verify company existence, financials, and going concern paperwork, some people still get caught up in schemes. The SEC and IRS have worked hard over the course of 2016 and tax and securities fraud overall is down because of those efforts.

The Center has verified transactions for various business people and investors. Sometimes we approve them transactions because they are legitimate. Other times we have found that the transaction was patently illegal and would have resulted in a large fine for a particular business man wanting to engage in an overseas transaction.

Don’t fall victim, do your research and if in doubt don’t hesitate to hire a professional to help you.

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