What Does Anonymous SEC Whistleblowing Involve?

The SEC Whistleblower Program encourages individuals to report potential securities law violations to the U.S. Securities and Exchange Commission (SEC).

Whistleblowers must be represented by an attorney to maintain anonymity. The attorney will submit the information on their behalf. The attorney is responsible for verifying the whistleblower’s identity and acting as an intermediary between the whistleblower and the SEC.

An attorney will ensure that the necessary forms submitted, including the SEC Form TCR (Tip, Complaint, or Referral) to the Office of the Whistleblower, do not include any personally identifiable information.

The SEC has done a stellar job at protecting the identity of whistleblowers, including those who report anonymously. However, some exceptions do occur, such as when disclosures are required in connection with a judicial or administrative proceeding.

Throughout the entire case, the whistleblower’s attorney remains the primary point of contact with the SEC throughout the investigation. As stated above, the whistleblower’s attorney will act as the intermediary and facilitate communication between the whistleblower and the SEC while maintaining the whistleblower’s anonymity.

When the SEC takes enforcement action based on the whistleblower’s original, credible, and timely information and collects more than $1 million in sanctions, the whistleblower may be eligible for an award ranging from 10 to 30 of the amount collected.

To claim an award, the whistleblower’s attorney will submit a Form WB-APP (Application for Award for Original Information Provided Pursuant to Section 21F of the Securities Exchange Act of 1934) on behalf of the whistleblower.

Anonymous whistleblowing protects those who fear retaliation or other adverse consequences for doing the right thing – reporting potential securities law violations.