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The SEC Whistleblower Program pays financial rewards to individuals who report securities violations that lead to successful enforcement actions. Since the program launched in 2011, the SEC has awarded over $2 billion to whistleblowers who came forward with original information about securities fraud and other violations of federal securities laws.
If you have information about potential securities fraud, The Frankowski Firm can help. We assist whistleblowers in filing confidential reports with the SEC and protecting their rights throughout the process. Contact us today at 888-741-7503 for a free, confidential consultation.
The SEC Whistleblower Program is a federal initiative created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The program amended the Securities Exchange Act of 1934 by establishing financial incentives for individuals who voluntarily report potential violations of federal securities laws to the Securities and Exchange Commission (SEC). In addition to monetary rewards, the program provides strong anti-retaliation protections for whistleblowers who come forward.
The SEC’s Office of the Whistleblower (OWB) manages the program and processes all tips, complaints, and award claims. According to the SEC’s FY 2025 Annual Report to Congress, the Commission received approximately 27,000 whistleblower tips in fiscal year 2025 alone. That figure has grown dramatically from approximately 3,001 tips in the program’s first year (FY 2012), representing an increase of nearly 800% over the life of the program.
Eligible whistleblowers can receive awards of between 10% and 30% of the total monetary sanctions collected by the SEC in enforcement actions where the sanctions exceed $1 million. The exact award percentage is determined by the SEC based on several factors, including the significance of the information provided, the degree of assistance offered, and the programmatic interest of the SEC.
The program has generated substantial payouts for whistleblowers who provided valuable information:
These figures demonstrate that the SEC Whistleblower Program delivers real financial rewards to individuals willing to report securities fraud and misconduct.
Wondering whether your information qualifies for a whistleblower award? Richard Frankowski and The Frankowski Firm can evaluate your situation confidentially. Call 888-741-7503 or complete our contact form to discuss your options.
The SEC defines an “eligible whistleblower” as a person who voluntarily provides the Commission with “original information” about a possible violation of federal securities laws that has occurred, is ongoing, or is about to occur. The information provided must lead to a successful SEC enforcement action resulting in monetary sanctions exceeding $1 million.
To qualify for an award, you must meet three requirements:
One or more individuals may act jointly as whistleblowers for the same tip. However, companies and organizations cannot qualify as whistleblowers under the program. If the SEC has already received your information from another source, your submission will not be considered original unless you were the original source of that information.
The Frankowski Firm has experience working with whistleblowers to provide the SEC with information about fraud or wrongdoing involving potential violations of federal securities laws. The types of violations the SEC investigates through the whistleblower program include:
According to the SEC’s FY 2025 data, the most common complaint categories reported by whistleblowers were market manipulation (28%), followed by offering fraud and corporate disclosure violations. The growing diversity of reported violations reflects the evolving nature of financial markets and the program’s expanding reach into new areas of securities misconduct.
Filing a whistleblower tip with the SEC follows a structured process with several distinct stages. Understanding each step can help you prepare your information, set realistic expectations about timing, and strengthen your submission to maximize the likelihood of a successful outcome.
Many potential whistleblowers hesitate to come forward because they fear losing their jobs or facing other consequences at work. Federal law addresses this concern directly. The Dodd-Frank Act prohibits employers from retaliating against employees who report potential securities violations to the SEC. These protections apply regardless of whether the SEC ultimately brings an enforcement action based on your information.
Protected activities include:
Retaliation can take many forms, including termination, demotion, suspension, harassment, threats, or any other action that would discourage a reasonable person from reporting a potential securities violation. If your employer retaliates against you for whistleblowing, you may be entitled to reinstatement to your former position, double back pay with interest, and compensation for litigation costs and attorney’s fees. You have the right to file a retaliation complaint in federal district court within six years of the retaliatory act.
These protections extend to employees of publicly traded companies, broker-dealers, investment advisers, and other entities registered with the SEC. Employers who retaliate against whistleblowers face significant legal liability, which serves as a meaningful deterrent against workplace retaliation.
While you can file a whistleblower tip directly with the SEC, working with an experienced securities attorney can significantly improve the outcome of your claim. An attorney who understands SEC enforcement priorities and procedures can help you organize your information, identify the strongest aspects of your case, and present your tip in a way that gets the Commission’s attention.
The Frankowski Firm has over 25 years of experience in securities fraud and investor protection. We understand the federal securities laws and the SEC’s enforcement process. When you work with our firm, your information stays confidential and protected throughout the process.
We handle whistleblower cases on a contingency fee basis, which means you pay nothing upfront. Our fees come only from the award the SEC pays you, so there is no financial risk to you for coming forward.
Richard Frankowski is a member of the Board of Directors of the PIABA Foundation and has authored multiple books on securities arbitration used in law schools. This depth of knowledge in securities law and regulatory proceedings translates directly into stronger whistleblower submissions and more effective advocacy on behalf of our clients.
Yes. You may submit a whistleblower tip anonymously, but you must be represented by an attorney if you choose to remain anonymous. Your attorney will submit your tip on your behalf, and the SEC will communicate through your lawyer. Your identity will be disclosed to the SEC only if and when an award is made.
The timeline varies significantly depending on the complexity of the case. SEC investigations can take anywhere from several months to several years. After a successful enforcement action, you have 90 days to file your award claim using Form WB-APP. The SEC’s Office of the Whistleblower then evaluates your claim and issues a Preliminary Determination before making a final award decision.
If the SEC already has your information from another source, your submission generally will not qualify as original information. However, if you were the original source of the information that the other person submitted, you may still qualify. Additionally, if you can provide additional original information that materially adds to what the SEC already knows, you may still be eligible for an award.
No. The SEC Whistleblower Program is open to both U.S. citizens and foreign nationals. According to the SEC’s FY 2025 annual report, tips were received from individuals in countries including the United Kingdom, Italy, Germany, and China, in addition to domestic sources.
The SEC enforcement action resulting from your information must produce monetary sanctions exceeding $1 million for you to be eligible for an award. Your award will be between 10% and 30% of the total sanctions collected.
Certain categories of individuals may face restrictions. For example, information obtained through an attorney-client privileged communication, or information submitted by a person who is convicted of a criminal violation related to the enforcement action, generally cannot form the basis for an award. Additionally, officers, directors, trustees, and partners of an entity cannot report information they obtained because of their position if the entity already had an internal compliance or legal function that was aware of the issue. Consulting a qualified securities attorney can help you determine whether any exclusions apply to your situation.
If you believe your company or someone in the financial industry may be engaged in securities fraud, The Frankowski Firm can help you understand your options under the SEC Whistleblower Program. We will keep your information confidential and protected.
Call Richard Frankowski and The Frankowski Firm at 888-741-7503 or complete our contact form to schedule a free, confidential consultation. With over 25 years of experience in securities law and a contingency fee structure that eliminates your financial risk, we are prepared to guide you through every stage of the whistleblower process. Let us help you take the next step toward reporting securities fraud and protecting your rights.