SEC Whistleblower Program: How to File and What to Expect
The SEC whistleblower program established under Dodd-Frank pays awards of 10 to 30 percent of sanctions exceeding one million dollars to individuals providing original information about securities violations. The program has paid over $2 billion to whistleblowers since 2011 and provides anti-retaliation protections. This guide covers eligibility, filing procedures, and practical considerations.
Eligibility Requirements
To qualify for an award, you must voluntarily provide original information that leads to successful enforcement action with sanctions over one million dollars. Original information means non-public information derived from independent knowledge or analysis. Information already known to the SEC, derived from court filings, or obtained through illegal means is not eligible. You can file anonymously through an attorney.
How to File
Submit Form TCR through the SEC whistleblower portal at sec.gov/whistleblower. Anonymous filing requires retaining an attorney who submits on your behalf. Your tip should describe the violation specifically including company name, dates, individuals involved, and supporting evidence. Vague tips are typically not actionable. Provide documentation if available without violating attorney-client privilege.
Protection and Awards
Anti-retaliation protections under Dodd-Frank include reinstatement, double back pay, and attorney fees if you experience retaliation after filing. The SEC has paid over $2 billion in awards including individual awards exceeding $100 million. The award process takes years from initial tip to payment. Patience and accurate documentation are essential.
Key Findings
- SEC has paid over $2 billion in whistleblower awards since program inception in 2011
- Award amounts range from 10 to 30 percent of sanctions exceeding $1 million
- Anonymous filing through an attorney is permitted and protects identity throughout investigation
Timeline
Dodd-Frank establishes SEC whistleblower program
First SEC whistleblower award of $50,000
SEC pays record $279 million single award