• SEC Order Denying Whistleblower Claim Confirms Prospective Coverage and Limited Discovery in Dodd-Frank Bounty Proceedings
  • December 11, 2013 | Authors: Thomas R. Bundy; Peter N. Farley; Cynthia M. Krus; Allegra J. Lawrence-Hardy; Robert D. Owen
  • Law Firms: Sutherland Asbill & Brennan LLP - Washington Office ; Sutherland Asbill & Brennan LLP - Atlanta Office ; Sutherland Asbill & Brennan LLP - Washington Office ; Sutherland Asbill & Brennan LLP - Atlanta Office ; Sutherland Asbill & Brennan LLP - New York Office
  • In a recent order denying a whistleblower’s award claim, the U.S. Securities and Exchange Commission upheld the prospective application and discovery limitations of two of its rules implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act’s bounty provisions for whistleblowers who report violations of the federal securities laws. The partially redacted order arose in connection with an enforcement action styled SEC v. Advanced Technologies Group, LTD, 10-cv-4868 (S.D.N.Y. judgment entered Jan. 13, 2011), in which the SEC was awarded over $19 million in sanctions related to allegedly unlawful offerings of non-exempt securities.