Cision PR Newswire
Pugsley Wood Clients Receive $28.7 million SEC Whistleblower Award
News provided byPugsley Wood LLP
Jan 24, 2023, 2:17 PM ET
BOSTON, Jan. 24, 2023 /PRNewswire/ -- The U.S. Securities and Exchange Commission ("SEC") announced today that clients of Pugsley Wood LLP ("Pugsley Wood") will collectively receive a whistleblower award totaling more than $28 million. According to the SEC, Pugsley Wood's clients provided "detailed information [that] prompted the opening of the SEC staff's investigation and . . . provided substantial analysis and ongoing assistance, which resulted in the return of millions of dollars to harmed investors." Represented by Pugsley Wood partner, Bryan A. Wood, the whistleblowers received the maximum allowable award for their assistance.
"Our clients had the courage to blow the whistle while others stayed silent for many years," said Mr. Wood. "This award is long-awaited validation for their selfless actions, which saved investors tens of millions of dollars. We commend them for their efforts."
The SEC's Order granting the award noted that the whistleblower's information and assistance "was critical to staff's ability to identify and investigate the unlawful securities violations" and, further, that "there is a close nexus between their information and the Commission's charges."
Since its inception, the SEC Whistleblower Program has paid out approximately $1.4 billion to 337 individuals. Whistleblowers can be eligible for an award when they voluntarily provide the SEC with original, timely, and material information that leads to a successful enforcement action.
"This award is yet another in what has become a very long line of meaningful SEC whistleblower payments," noted Mr. Wood. "It is obvious that the Commission is firmly committed to compensating individuals who come forward with evidence of wrongdoing. We encourage whistleblowers to make use of this program and applaud the Commission's continued efforts to reward them for their courage."
About Pugsley Wood LLP
Pugsley Wood LLP is among the premier whistleblower law firms in the United States. Wood and Pugsley began collaborating on whistleblower cases in early 2015. In 2021 they decided to leave their respective law firms of 20+ years to better serve their clients by combining their knowledge and resources in a highly specialized law firm dedicated solely to representing whistleblowers. To date, they have obtained more than $100 million in whistleblowers awards for their clients under SEC, CFTC, DOJ, FIRREA/FIAFEA, and OSC whistleblower programs. Visit PugsleyWood.com for additional information.
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SOURCE Pugsley Wood LLP