Program Overview
Under the Dodd-Frank Act, the SEC's Whistleblower Program pays awards of 10–30% of sanctions over $1 million in cases where the whistleblower's original information leads to a successful enforcement action. Awards are paid from an investor protection fund, not from the parties to the enforcement action. The program also prohibits retaliation against whistleblowers.
Who Can Submit
Any individual — current or former employees, contractors, consultants, or third parties — who possesses original information about potential securities violations can submit a tip. The information must be new to the SEC (not previously publicly known) and specific enough to be actionable. Anonymous submissions are permitted, though the whistleblower must retain an attorney to remain anonymous while preserving award eligibility.
Submitting a Tip
Tips can be submitted through the SEC's online TCR system at sec.gov/whistleblower or by mail. The submission should describe the potential violation, the entities or individuals involved, and the basis for the whistleblower's knowledge. Legal counsel specializing in SEC whistleblower matters is strongly recommended, particularly for high-value tips.
Recent Awards
The SEC has paid billions of dollars in whistleblower awards since the program's inception in 2011. Individual awards have reached tens of millions of dollars in significant cases. The program has been credited with providing the SEC with critical information in multiple high-profile enforcement actions. Information about the program is available at sec.gov/whistleblower.