The SEC Whistleblower Program has transformed how whistleblowers uncover corporate fraud. In the years since Congress created the program through the Dodd-Frank Act, the SEC has awarded more than $2.2 billion to whistleblowers whose information led to successful enforcement actions.
The program arms whistleblowers with both strong legal protections and potential financial rewards in exchange for providing the SEC with timely, credible information about violations of federal securities law.
Whistleblowers may receive 10–30% of the monetary sanctions collected in cases where the SEC recovers over $1 million.
Importantly, you do not need to be an employee to be a whistleblower. Both company insiders and outsiders can report suspected fraud and potentially reap the financial benefits.
The 10 Largest SEC Whistleblower Awards in History
Some SEC awards have reached staggering amounts. In May 2023, one whistleblower received $279 million, the largest award in the program’s history. A second whistleblower received $114 million in October 2020 after providing substantial assistance in enforcement actions brought by the SEC and another agency.
These financial incentives underscore the importance of protecting investors and strengthening our financial markets, while also recognizing that blowing the whistle often carries significant risk.
How to File an SEC Whistleblower Complaint
The SEC views whistleblowers as partners in protecting investors and ensuring transparency in the markets.
The program allows whistleblowers to file tips anonymously. However, for an anonymous whistleblower to be eligible for an award, you must have an attorney submit your information on your behalf and represent you in connection with your submission.
Experienced whistleblower attorneys who are well-versed in SEC rules and regulations can help you evaluate the strength of your information and decide whether filing a tip is the right move for you. An attorney can also help you prepare a comprehensive submission and ensure you are legally protected throughout the process.
Get in touch with us to confidentially discuss your situation and learn whether you may be eligible for an SEC whistleblower award.
