Practice Area · Federal Whistleblower Program

SEC Whistleblower Attorney: Report Securities Fraud and Earn an Award

The SEC Whistleblower Program has awarded more than $2.2 billion to individuals who reported securities violations. You do not need to have lost money yourself to qualify.

Get a Confidential Consultation
Program Results

The SEC Whistleblower Program Works

$2.2B+
Total awards paid to whistleblowers since program inception
10-30%
Award range as a percentage of sanctions over $1 million
279M+
Largest single award paid to one whistleblower

The SEC Whistleblower Program, established under Section 21F of the Securities Exchange Act and implemented through Dodd-Frank, is one of the most effective investor protection tools in federal law. Whistleblowers who voluntarily provide original information that leads to a successful SEC enforcement action resulting in sanctions over $1 million are entitled to an award of between 10 and 30 percent of those sanctions.

The program is confidential. The SEC takes significant steps to protect the identity of whistleblowers throughout the enforcement process.

Critical Rule Most People Don't Know
SEC Rule 21F-4(b)(3) · The No-Personal-Loss Exception

You Do Not Have to Be a Victim to Be a Whistleblower

One of the most underutilized provisions of the SEC Whistleblower Program is the rule that expressly permits individuals to submit a tip even if they did not personally suffer any financial loss from the violation they are reporting.

This means that accountants, compliance officers, financial analysts, portfolio managers, operations professionals, attorneys, and others who become aware of securities violations in the course of their work may qualify for an SEC whistleblower award, even if they themselves suffered no investment loss as a result of the violation.

Industry professionals who observe fraudulent reporting, undisclosed conflicts of interest, market manipulation, offering fraud, or other violations are often in the best position to provide the kind of specific, credible, and timely information the SEC needs to open a formal investigation.

What to Report

Types of Violations That Qualify for SEC Whistleblower Awards

  • Investment adviser fraud: Misrepresentation of performance, undisclosed conflicts of interest, self-dealing, misappropriation of client assets, or fee overcharges by registered investment advisers.
  • Offering fraud: Material misrepresentations or omissions in connection with the offer or sale of securities, including unregistered offerings and Ponzi schemes targeting retail investors.
  • Market manipulation: Coordinated trading schemes designed to artificially inflate or depress security prices, including pump-and-dump operations, spoofing, or layering strategies.
  • Corporate accounting fraud: Material misstatements in public company financial reporting, including revenue recognition manipulation, reserves fraud, or improper related-party disclosures.
  • Insider trading: Trading on material, non-public information obtained through a breach of a duty of trust and confidence, including tippee trading based on information from corporate insiders.
  • FCPA violations: Improper payments by U.S. companies or foreign companies listed on U.S. exchanges to foreign government officials in violation of the Foreign Corrupt Practices Act.
  • Broker-dealer violations: Systemic churning, unsuitable recommendations, unauthorized trading, excessive markups, or other patterns of broker misconduct affecting multiple customers.
The Process

How to Submit an SEC Whistleblower Tip

1

Retain Qualified Counsel

Before submitting any information to the SEC, consult with an attorney experienced in SEC enforcement and the whistleblower program. The quality and framing of your submission significantly affects whether it triggers a formal investigation and ultimately results in an award.

2

Compile Your Information

Document all relevant information you possess: specific facts, dates, documents, the names of individuals involved, and the nature of the violation. Your submission must be original, specific, and credible. Generalized allegations without supporting specifics are less likely to advance.

3

Submit via the SEC's TIPS System

Tips are submitted through the SEC's online Tips, Complaints, and Referrals (TCR) system, or by completing and mailing Form TCR. Submissions may be made anonymously if represented by an attorney, who then holds your identity confidential from the SEC until an award is due.

4

Await Investigation and Enforcement Action

The SEC investigates the information provided. If it results in a covered action with sanctions exceeding $1 million, you will be notified and given the opportunity to file an award application. The process from submission to award can take years, but your position is preserved by the date of your original submission.

5

File for Your Award

Once the SEC issues a Notice of Covered Action, you have 90 days to file a Form WB-APP (Whistleblower Award Application). Your attorney will assist in documenting how your information contributed to the enforcement action and in maximizing the percentage of sanctions awarded to you within the 10 to 30 percent range.

The Insider Advantage

A Former SEC Enforcement Attorney Representing Whistleblowers

The quality of an SEC whistleblower submission depends in large part on whether it is framed in the way SEC enforcement staff evaluates tips. Having spent a decade as Senior Enforcement Counsel at the SEC's Miami Regional Office, Jorge L. Riera understands precisely how the SEC triages incoming tips, what information triggers formal investigations, and what documentary evidence makes a case.

The Wealth Pools International Enforcement Action

Jorge's SEC enforcement work included the $132 million Wealth Pools International action affecting 70,000 investors across 64 countries. That enforcement action was personally recognized by then-Commissioner (now SEC Chair) Paul S. Atkins at SEC Speaks 2008, providing Jorge with direct experience in large-scale, complex enforcement matters of exactly the type that generate significant whistleblower awards.

Protecting Professionals Who Come Forward

Compliance officers, accountants, and other industry professionals face unique challenges when considering a whistleblower submission. Jorge understands the internal pressures these individuals face and the legal protections available to them under Dodd-Frank, including anti-retaliation provisions that prohibit employers from terminating or discriminating against whistleblowers.

Whistleblower representation is handled on a contingency basis. No fee unless an award is issued.

Case costs and expenses are payable from any recovery as provided in the written engagement agreement.


Discuss Your Information Confidentially

or call (305) 204-9779

Common Questions

SEC Whistleblower: Frequently Asked Questions

Dodd-Frank expressly prohibits employers from retaliating against employees who provide information to the SEC, participate in SEC proceedings, or make required internal disclosures related to securities violations. Retaliation claims can be brought in federal court and, if successful, entitle the whistleblower to reinstatement, double back pay, and attorneys' fees. The anti-retaliation protections apply even if the underlying submission does not ultimately result in an enforcement action or award.
SEC Rule 21F-17 prohibits any person from taking action to impede an individual from communicating with the SEC about a possible securities law violation. This includes attempts by employers to use confidentiality agreements, non-disclosure agreements, or separation agreements to prevent employees from submitting tips. Courts have found that such provisions are unenforceable to the extent they prohibit SEC whistleblower submissions.
No. The SEC's whistleblower program does not require internal reporting before submitting a tip to the SEC. However, individuals who do report internally first may still preserve their whistleblower position if they submit to the SEC within 120 days of the internal report. Whether to report internally first is a strategic decision best made with the assistance of experienced counsel.
The SEC treats multiple related submissions as a single submission if they involve the same violation and are submitted by members of the same group. When there are competing individual claimants, the SEC may designate them as a joint submission or determine the relative contribution of each individual to the enforcement action when allocating the award.
Compliance officers and internal audit personnel face heightened eligibility restrictions designed to preserve the integrity of internal compliance functions. Generally, compliance professionals may submit tips to the SEC only if they have reason to believe disclosure is necessary to prevent imminent harm, if the company has not taken appropriate corrective action within 120 days, or if the officer has independent knowledge of the violation obtained outside their compliance role. Consultation with an attorney before submission is essential for compliance professionals.
Confidential. Contingency Fee.

What You Know May Be Worth More Than You Realize

Whether you are an industry professional who observed misconduct, or an investor who lost money and has information about systemic fraud, your knowledge of a securities violation may entitle you to a significant SEC award. Contact the firm for a confidential consultation.

Request a Confidential Consultation

or call (305) 204-9779

Jorge L. Riera, Esq., CPA, CGMA, MAcc · Former SEC Senior Enforcement Counsel · FINRA NAMC Public Member & Expungement Subcommittee Chair · AV Preeminent (Martindale-Hubbell) · Avvo 10.0 · PLI Securities Arbitration Faculty 2026 · Contingency Fee Representation

Related Practice Areas

Ponzi Scheme Recovery Fiduciary Duty Breach Failure to Supervise Florida Chapter 517
Practice Area · Federal Whistleblower Program

SEC Whistleblower Attorney: Report Securities Fraud and Earn an Award

The SEC Whistleblower Program has awarded more than $2.2 billion to individuals who reported securities violations. You do not need to have lost money yourself to qualify.

Get a Confidential Consultation
Program Results

The SEC Whistleblower Program Works

$2.2B+
Total awards paid to whistleblowers since program inception
10-30%
Award range as a percentage of sanctions over $1 million
279M+
Largest single award paid to one whistleblower

The SEC Whistleblower Program, established under Section 21F of the Securities Exchange Act and implemented through Dodd-Frank, is one of the most effective investor protection tools in federal law. Whistleblowers who voluntarily provide original information that leads to a successful SEC enforcement action resulting in sanctions over $1 million are entitled to an award of between 10 and 30 percent of those sanctions.

The program is confidential. The SEC takes significant steps to protect the identity of whistleblowers throughout the enforcement process.

Critical Rule Most People Don't Know
SEC Rule 21F-4(b)(3) · The No-Personal-Loss Exception

You Do Not Have to Be a Victim to Be a Whistleblower

One of the most underutilized provisions of the SEC Whistleblower Program is the rule that expressly permits individuals to submit a tip even if they did not personally suffer any financial loss from the violation they are reporting.

This means that accountants, compliance officers, financial analysts, portfolio managers, operations professionals, attorneys, and others who become aware of securities violations in the course of their work may qualify for an SEC whistleblower award, even if they themselves suffered no investment loss as a result of the violation.

Industry professionals who observe fraudulent reporting, undisclosed conflicts of interest, market manipulation, offering fraud, or other violations are often in the best position to provide the kind of specific, credible, and timely information the SEC needs to open a formal investigation.

What to Report

Types of Violations That Qualify for SEC Whistleblower Awards

  • Investment adviser fraud: Misrepresentation of performance, undisclosed conflicts of interest, self-dealing, misappropriation of client assets, or fee overcharges by registered investment advisers.
  • Offering fraud: Material misrepresentations or omissions in connection with the offer or sale of securities, including unregistered offerings and Ponzi schemes targeting retail investors.
  • Market manipulation: Coordinated trading schemes designed to artificially inflate or depress security prices, including pump-and-dump operations, spoofing, or layering strategies.
  • Corporate accounting fraud: Material misstatements in public company financial reporting, including revenue recognition manipulation, reserves fraud, or improper related-party disclosures.
  • Insider trading: Trading on material, non-public information obtained through a breach of a duty of trust and confidence, including tippee trading based on information from corporate insiders.
  • FCPA violations: Improper payments by U.S. companies or foreign companies listed on U.S. exchanges to foreign government officials in violation of the Foreign Corrupt Practices Act.
  • Broker-dealer violations: Systemic churning, unsuitable recommendations, unauthorized trading, excessive markups, or other patterns of broker misconduct affecting multiple customers.
The Process

How to Submit an SEC Whistleblower Tip

1

Retain Qualified Counsel

Before submitting any information to the SEC, consult with an attorney experienced in SEC enforcement and the whistleblower program. The quality and framing of your submission significantly affects whether it triggers a formal investigation and ultimately results in an award.

2

Compile Your Information

Document all relevant information you possess: specific facts, dates, documents, the names of individuals involved, and the nature of the violation. Your submission must be original, specific, and credible. Generalized allegations without supporting specifics are less likely to advance.

3

Submit via the SEC's TIPS System

Tips are submitted through the SEC's online Tips, Complaints, and Referrals (TCR) system, or by completing and mailing Form TCR. Submissions may be made anonymously if represented by an attorney, who then holds your identity confidential from the SEC until an award is due.

4

Await Investigation and Enforcement Action

The SEC investigates the information provided. If it results in a covered action with sanctions exceeding $1 million, you will be notified and given the opportunity to file an award application. The process from submission to award can take years, but your position is preserved by the date of your original submission.

5

File for Your Award

Once the SEC issues a Notice of Covered Action, you have 90 days to file a Form WB-APP (Whistleblower Award Application). Your attorney will assist in documenting how your information contributed to the enforcement action and in maximizing the percentage of sanctions awarded to you within the 10 to 30 percent range.

The Insider Advantage

A Former SEC Enforcement Attorney Representing Whistleblowers

The quality of an SEC whistleblower submission depends in large part on whether it is framed in the way SEC enforcement staff evaluates tips. Having spent a decade as Senior Enforcement Counsel at the SEC's Miami Regional Office, Jorge L. Riera understands precisely how the SEC triages incoming tips, what information triggers formal investigations, and what documentary evidence makes a case.

The Wealth Pools International Enforcement Action

Jorge's SEC enforcement work included the $132 million Wealth Pools International action affecting 70,000 investors across 64 countries. That enforcement action was personally recognized by then-Commissioner (now SEC Chair) Paul S. Atkins at SEC Speaks 2008, providing Jorge with direct experience in large-scale, complex enforcement matters of exactly the type that generate significant whistleblower awards.

Protecting Professionals Who Come Forward

Compliance officers, accountants, and other industry professionals face unique challenges when considering a whistleblower submission. Jorge understands the internal pressures these individuals face and the legal protections available to them under Dodd-Frank, including anti-retaliation provisions that prohibit employers from terminating or discriminating against whistleblowers.

Whistleblower representation is handled on a contingency basis. No fee unless an award is issued.

Case costs and expenses are payable from any recovery as provided in the written engagement agreement.


Discuss Your Information Confidentially

or call (305) 204-9779

Common Questions

SEC Whistleblower: Frequently Asked Questions

Dodd-Frank expressly prohibits employers from retaliating against employees who provide information to the SEC, participate in SEC proceedings, or make required internal disclosures related to securities violations. Retaliation claims can be brought in federal court and, if successful, entitle the whistleblower to reinstatement, double back pay, and attorneys' fees. The anti-retaliation protections apply even if the underlying submission does not ultimately result in an enforcement action or award.
SEC Rule 21F-17 prohibits any person from taking action to impede an individual from communicating with the SEC about a possible securities law violation. This includes attempts by employers to use confidentiality agreements, non-disclosure agreements, or separation agreements to prevent employees from submitting tips. Courts have found that such provisions are unenforceable to the extent they prohibit SEC whistleblower submissions.
No. The SEC's whistleblower program does not require internal reporting before submitting a tip to the SEC. However, individuals who do report internally first may still preserve their whistleblower position if they submit to the SEC within 120 days of the internal report. Whether to report internally first is a strategic decision best made with the assistance of experienced counsel.
The SEC treats multiple related submissions as a single submission if they involve the same violation and are submitted by members of the same group. When there are competing individual claimants, the SEC may designate them as a joint submission or determine the relative contribution of each individual to the enforcement action when allocating the award.
Compliance officers and internal audit personnel face heightened eligibility restrictions designed to preserve the integrity of internal compliance functions. Generally, compliance professionals may submit tips to the SEC only if they have reason to believe disclosure is necessary to prevent imminent harm, if the company has not taken appropriate corrective action within 120 days, or if the officer has independent knowledge of the violation obtained outside their compliance role. Consultation with an attorney before submission is essential for compliance professionals.
Confidential. Contingency Fee.

What You Know May Be Worth More Than You Realize

Whether you are an industry professional who observed misconduct, or an investor who lost money and has information about systemic fraud, your knowledge of a securities violation may entitle you to a significant SEC award. Contact the firm for a confidential consultation.

Request a Confidential Consultation

or call (305) 204-9779

Jorge L. Riera, Esq., CPA, CGMA, MAcc · Former SEC Senior Enforcement Counsel · FINRA NAMC Public Member & Expungement Subcommittee Chair · AV Preeminent (Martindale-Hubbell) · Avvo 10.0 · PLI Securities Arbitration Faculty 2026 · Contingency Fee Representation

Related Practice Areas

Ponzi Scheme Recovery Fiduciary Duty Breach Failure to Supervise Florida Chapter 517
Practice Area · Federal Whistleblower Program

SEC Whistleblower Attorney: Report Securities Fraud and Earn an Award

The SEC Whistleblower Program has awarded more than $2.2 billion to individuals who reported securities violations. You do not need to have lost money yourself to qualify.

Get a Confidential Consultation
Program Results

The SEC Whistleblower Program Works

$2.2B+
Total awards paid to whistleblowers since program inception
10-30%
Award range as a percentage of sanctions over $1 million
279M+
Largest single award paid to one whistleblower

The SEC Whistleblower Program, established under Section 21F of the Securities Exchange Act and implemented through Dodd-Frank, is one of the most effective investor protection tools in federal law. Whistleblowers who voluntarily provide original information that leads to a successful SEC enforcement action resulting in sanctions over $1 million are entitled to an award of between 10 and 30 percent of those sanctions.

The program is confidential. The SEC takes significant steps to protect the identity of whistleblowers throughout the enforcement process.

Critical Rule Most People Don't Know
SEC Rule 21F-4(b)(3) · The No-Personal-Loss Exception

You Do Not Have to Be a Victim to Be a Whistleblower

One of the most underutilized provisions of the SEC Whistleblower Program is the rule that expressly permits individuals to submit a tip even if they did not personally suffer any financial loss from the violation they are reporting.

This means that accountants, compliance officers, financial analysts, portfolio managers, operations professionals, attorneys, and others who become aware of securities violations in the course of their work may qualify for an SEC whistleblower award, even if they themselves suffered no investment loss as a result of the violation.

Industry professionals who observe fraudulent reporting, undisclosed conflicts of interest, market manipulation, offering fraud, or other violations are often in the best position to provide the kind of specific, credible, and timely information the SEC needs to open a formal investigation.

What to Report

Types of Violations That Qualify for SEC Whistleblower Awards

  • Investment adviser fraud: Misrepresentation of performance, undisclosed conflicts of interest, self-dealing, misappropriation of client assets, or fee overcharges by registered investment advisers.
  • Offering fraud: Material misrepresentations or omissions in connection with the offer or sale of securities, including unregistered offerings and Ponzi schemes targeting retail investors.
  • Market manipulation: Coordinated trading schemes designed to artificially inflate or depress security prices, including pump-and-dump operations, spoofing, or layering strategies.
  • Corporate accounting fraud: Material misstatements in public company financial reporting, including revenue recognition manipulation, reserves fraud, or improper related-party disclosures.
  • Insider trading: Trading on material, non-public information obtained through a breach of a duty of trust and confidence, including tippee trading based on information from corporate insiders.
  • FCPA violations: Improper payments by U.S. companies or foreign companies listed on U.S. exchanges to foreign government officials in violation of the Foreign Corrupt Practices Act.
  • Broker-dealer violations: Systemic churning, unsuitable recommendations, unauthorized trading, excessive markups, or other patterns of broker misconduct affecting multiple customers.
The Process

How to Submit an SEC Whistleblower Tip

1

Retain Qualified Counsel

Before submitting any information to the SEC, consult with an attorney experienced in SEC enforcement and the whistleblower program. The quality and framing of your submission significantly affects whether it triggers a formal investigation and ultimately results in an award.

2

Compile Your Information

Document all relevant information you possess: specific facts, dates, documents, the names of individuals involved, and the nature of the violation. Your submission must be original, specific, and credible. Generalized allegations without supporting specifics are less likely to advance.

3

Submit via the SEC's TIPS System

Tips are submitted through the SEC's online Tips, Complaints, and Referrals (TCR) system, or by completing and mailing Form TCR. Submissions may be made anonymously if represented by an attorney, who then holds your identity confidential from the SEC until an award is due.

4

Await Investigation and Enforcement Action

The SEC investigates the information provided. If it results in a covered action with sanctions exceeding $1 million, you will be notified and given the opportunity to file an award application. The process from submission to award can take years, but your position is preserved by the date of your original submission.

5

File for Your Award

Once the SEC issues a Notice of Covered Action, you have 90 days to file a Form WB-APP (Whistleblower Award Application). Your attorney will assist in documenting how your information contributed to the enforcement action and in maximizing the percentage of sanctions awarded to you within the 10 to 30 percent range.

The Insider Advantage

A Former SEC Enforcement Attorney Representing Whistleblowers

The quality of an SEC whistleblower submission depends in large part on whether it is framed in the way SEC enforcement staff evaluates tips. Having spent a decade as Senior Enforcement Counsel at the SEC's Miami Regional Office, Jorge L. Riera understands precisely how the SEC triages incoming tips, what information triggers formal investigations, and what documentary evidence makes a case.

The Wealth Pools International Enforcement Action

Jorge's SEC enforcement work included the $132 million Wealth Pools International action affecting 70,000 investors across 64 countries. That enforcement action was personally recognized by then-Commissioner (now SEC Chair) Paul S. Atkins at SEC Speaks 2008, providing Jorge with direct experience in large-scale, complex enforcement matters of exactly the type that generate significant whistleblower awards.

Protecting Professionals Who Come Forward

Compliance officers, accountants, and other industry professionals face unique challenges when considering a whistleblower submission. Jorge understands the internal pressures these individuals face and the legal protections available to them under Dodd-Frank, including anti-retaliation provisions that prohibit employers from terminating or discriminating against whistleblowers.

Whistleblower representation is handled on a contingency basis. No fee unless an award is issued.

Case costs and expenses are payable from any recovery as provided in the written engagement agreement.


Discuss Your Information Confidentially

or call (305) 204-9779

Common Questions

SEC Whistleblower: Frequently Asked Questions

Dodd-Frank expressly prohibits employers from retaliating against employees who provide information to the SEC, participate in SEC proceedings, or make required internal disclosures related to securities violations. Retaliation claims can be brought in federal court and, if successful, entitle the whistleblower to reinstatement, double back pay, and attorneys' fees. The anti-retaliation protections apply even if the underlying submission does not ultimately result in an enforcement action or award.
SEC Rule 21F-17 prohibits any person from taking action to impede an individual from communicating with the SEC about a possible securities law violation. This includes attempts by employers to use confidentiality agreements, non-disclosure agreements, or separation agreements to prevent employees from submitting tips. Courts have found that such provisions are unenforceable to the extent they prohibit SEC whistleblower submissions.
No. The SEC's whistleblower program does not require internal reporting before submitting a tip to the SEC. However, individuals who do report internally first may still preserve their whistleblower position if they submit to the SEC within 120 days of the internal report. Whether to report internally first is a strategic decision best made with the assistance of experienced counsel.
The SEC treats multiple related submissions as a single submission if they involve the same violation and are submitted by members of the same group. When there are competing individual claimants, the SEC may designate them as a joint submission or determine the relative contribution of each individual to the enforcement action when allocating the award.
Compliance officers and internal audit personnel face heightened eligibility restrictions designed to preserve the integrity of internal compliance functions. Generally, compliance professionals may submit tips to the SEC only if they have reason to believe disclosure is necessary to prevent imminent harm, if the company has not taken appropriate corrective action within 120 days, or if the officer has independent knowledge of the violation obtained outside their compliance role. Consultation with an attorney before submission is essential for compliance professionals.
Confidential. Contingency Fee.

What You Know May Be Worth More Than You Realize

Whether you are an industry professional who observed misconduct, or an investor who lost money and has information about systemic fraud, your knowledge of a securities violation may entitle you to a significant SEC award. Contact the firm for a confidential consultation.

Request a Confidential Consultation

or call (305) 204-9779

Jorge L. Riera, Esq., CPA, CGMA, MAcc · Former SEC Senior Enforcement Counsel · FINRA NAMC Public Member & Expungement Subcommittee Chair · AV Preeminent (Martindale-Hubbell) · Avvo 10.0 · PLI Securities Arbitration Faculty 2026 · Contingency Fee Representation

Related Practice Areas

Ponzi Scheme Recovery Fiduciary Duty Breach Failure to Supervise Florida Chapter 517