Securities and Exchange Commission Whistleblower Program

The Securities and Exchange Commission (SEC) Whistleblower Program encourages individuals to report violations of federal securities laws by offering monetary awards and strong protections. It is administered by the SEC’s Office of the Whistleblower and was created under the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010.

Purpose

The program aims to help the SEC detect and stop:

  • Fraudulent activities in public companies and financial markets
  • Misconduct by brokers, investment advisers, and other market participants
  • Securities offering frauds, insider trading, and accounting manipulations

What Can Be Reported

The program covers a broad range of securities law violations, including:

  • Insider trading
  • Ponzi and pyramid schemes
  • Misleading investors in disclosures or filings
  • Accounting fraud or false financial statements
  • Market manipulation
  • Violations of the Foreign Corrupt Practices Act (FCPA) involving bribery of foreign officials to obtain business

Awards

  • Whistleblowers who provide original, timely, and credible information that leads to a successful SEC enforcement action with monetary sanctions over $1 million may be eligible for an award.
  • Awards range from 10–30% of the money collected in the case.
  • Awards can also be based on related actions brought by other agencies (e.g., DOJ, CFTC) if the same information is used.

Notable Awards

  • Award of more than $104 million to seven whistleblowers, August of 2023
  • Award of more than $40 million to four whistleblowers, January of 2022
  • Award of more than $40 million to four whistleblowers, October of 2021
  • Award of more than $114 million to two whistleblowers, leading the SEC to have awarded over $1 billion in awards to 207 whistleblowers, September of 2021

Protections

  • Confidentiality – The SEC will not disclose information that could reveal a whistleblower’s identity, subject to certain exceptions (e.g., to the DOJ in criminal cases).
  • Anonymous Filing – Whistleblowers can submit information anonymously through an attorney.
  • Anti-Retaliation – Employers are prohibited from firing, demoting, harassing, or otherwise discriminating against whistleblowers. Retaliation claims can be brought in federal court.

How to File

  1. Form TCR (Tip, Complaint, or Referral) – Submit through the SEC’s online portal or by mail/fax.
  2. Include Detailed Evidence – The more specific and well-documented the tip, the more likely the SEC is to act.
  3. Attorney Representation for Anonymity – If filing anonymously, an attorney must represent you.

Notable Results

Since its inception, the SEC Whistleblower Program has:

  • Paid over $2 billion in awards to whistleblowers.
  • Led to enforcement actions returning billions to harmed investors.

Key Points

  • Information must be original — not already known to the SEC unless you are the original source.
  • Tips must be voluntary — submitted before the SEC requests them from you.
  • Awards are funded by the Investor Protection Fund, not taxpayer money.
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