SEC Whistleblower Program

What the program covers

The SEC’s FAQ says Congress created the program so people would report possible violations of the federal securities laws. A whistleblower is a person who voluntarily provides the SEC with original information in writing about a possible violation that has occurred, is ongoing, or is about to occur. Companies cannot qualify. The person does not have to be an employee of the company. ¹ Source 1

Information must be provided directly to the SEC to count. The FAQ says that even if the person already told another agency or the news media, a timely submission to the SEC is still required for award eligibility. ¹ Source 1

Award range

The FAQ says eligible whistleblowers are entitled to an award between 10 and 30 percent of the monetary sanctions collected in SEC actions and related actions by certain other authorities. Eligibility for an award requires a successful SEC enforcement action resulting in an order of monetary sanctions exceeding $1 million. ¹ Source 1

An April 21, 2025 SEC release states the same range: awards can range from 10 to 30 percent of the money collected when monetary sanctions exceed $1 million. Payments come from an investor protection fund financed by monetary sanctions paid by securities-law violators, not from a separate tax. ² Source 2

The Commission, not the Office of the Whistleblower staff, determines eligibility and the percentage. If an award is granted and the percentage is between 10 and 30 percent under the stated factors, the FAQ says that decision is not appealable. A denial may be appealed to a U.S. court of appeals within 30 days of the final decision. ¹ Source 1

How the SEC says to submit

The FAQ says a person must submit through the Tips, Complaints and Referrals portal and answer yes to the whistleblower-program questions, or complete a hard-copy Form TCR, and must sign the declarations under penalty of perjury. Form TCR is due within 30 days of submitting the information, or within 30 days of learning of the form requirement. A person represented by counsel is on constructive notice of that requirement. ¹ Source 1

The SEC’s submission page gives a mailing address for paper tips: SEC Office of the Whistleblower (c/o ENF-CPU), 1604 Springhill Road, Suite 110, Vienna, VA 22182, and a fax number of (703) 813-9322. It encourages the online portal because the sender receives a submission number. ³ Source 3

This site’s report button points to America.gov/fraud, the portal the Justice Department identified for fraud reports. The SEC links in Sources are citations to the Commission’s own instructions. They are not replaced by this site. ³ Source 3 ⁴ Source 4

Anonymity and confidentiality

The FAQ says a person may submit anonymously and still be eligible for an award only if an attorney represents them. The attorney submits the information and the attorney certification. The whistleblower must give the attorney a signed hard-copy Form TCR at the time of the anonymous submission. ¹ Source 1

The FAQ also says the SEC will not disclose the identity in response to a Freedom of Information Act request, and that there are limits. Identity may have to be disclosed in an administrative or court proceeding, and information may be shared with other government or regulatory entities under confidentiality requirements. ¹ Source 1

Deadlines

After a covered action is posted as a Notice of Covered Action, Form WB-APP is due within 90 calendar days. The FAQ says the whistleblower alone is responsible for applying before the deadline. Deadlines that fall on a weekend or holiday extend to the next business day. ¹ Source 1

A preliminary determination can be contested. The FAQ gives 60 days from the later of the preliminary determination or receipt of the record, if the record was requested within 30 days. A shorter schedule applies to preliminary summary dispositions. Internal company reports are not required. If the person also tells the SEC within 120 days of an internal report, the FAQ says the SEC treats the information as reported on the internal-report date. ¹ Source 1