As part of its public service, pro bono program, our firm has created an index of SEC whistleblower award decisions. This index was created due to the difficulty in accessing SEC award determinations and determining the basis for these determinations.
According to the SEC, well over 70,000 TCRs have been filed where whistleblowers are entering the award program. We understand that many of these applicants are “pro se” (i.e. representing themselves), and many attorneys working on these cases have limited experience working in this area. In order ensure that all qualified whistleblowers obtain the award they are due, we have made this index available free of charge.
Since all qualified whistleblowers are required to contribute New Information, be voluntary, and lead to enforcement actions, it is assumed that any claimant granted an award meets these criteria. Likewise, it is assumed that any whistleblower who was denied an award did not open an investigation, did not significantly contribute to the investigation, and did not lead to enforcement.
Note: this index is copyrighted to the fullest extent under law and may not be duplicated in any manner.
SEC Award Orders
The Program at a Glance
SEC Whistleblower Program Statistics
Average SEC Whistleblower Award Is Now Over $5,000,000
The SEC has historically faced a delay in processing award applications. The decline in awards issued in 2023 suggests that this backlog has been cleared. As a result, we anticipate a consistent number of awards granted in the coming years.
Awards By Year (Cumulative)
Number of Award Recipients Per Fiscal Year
Award Amounts Per Fiscal Year
Most Common Tips
Over 75% of employees report violations internally before contact the SEC
While the subject matter of SEC tips has evolved in the past five years, their overall volume has increased. A significant portion of these tips originated from internal reporting, highlighting the importance of strong internal whistleblower programs. Companies with such programs are better positioned to address misconduct before it escalates to regulatory involvement.
2018
2019
Cryptocurrency
Cryptocurrency first appeared on the SEC’s radar in 2019, generating nearly 300 tips and securing the fourth spot among reported issues, surpassing both FCPA and insider trading concerns. By 2022, the digital asset had skyrocketed to the third most reported category of wrongdoing, with over 1,700 related tips filed.
2020
2021
Game Stop and Wall Street Bets
In early 2021, a coordinated effort by retail investors dramatically increased the stock price of GameStop, causing significant losses for short sellers. This event sparked a broader movement of small investors organizing online, particularly on platforms like Reddit’s WallStreetBets. Subsequently, reports of market manipulation surged in 2021 and have remained the most frequently reported misconduct category for the past two years.
2022
Foreign Tips
Foreign Tips to the SEC 2010-2022
While the subject matter of SEC tips has evolved in the past five years, their overall volume has increased. A significant portion of these tips originated from internal reporting, highlighting the importance of strong internal whistleblower programs. Companies with such programs are better positioned to address misconduct before it escalates to regulatory involvement.
Country | Total Amount of Tips from 2012-2021 |
Afghanistan | 2 |
Albania | 0 |
Aus | 0 |
Andorra | 2 |
Angola | 1 |
Antigua and Barbuda | 0 |
Argentina | 43 |
Armenia | 0 |
Australia | 341 |
Austria | 18 |
Azerbaijan | 3 |
Bahamas | 4 |
Bahrain | 1 |
Bangladesh | 3 |
Barbados | 0 |
Belarus | 2 |
Belgium | 45 |
Belize | 2 |
Benin | 0 |
Bhutan | 0 |
Bolivia | 1 |
Bosnia and Herzegovina | 1 |
Botswana | 6 |
Brazil | 129 |
Brunei | 2 |
Bulgaria | 26 |
Burkina Faso | 2 |
Burundi | 0 |
Cabo Verde | 0 |
Cambodia | 0 |
Cameroon | 3 |
Cayman Island | 3 |
Canada | 855 |
Central African Republic | 0 |
Chad | 0 |
Chile | 92 |
China | 519 |
Colombia | 147 |
Comoros | 0 |
Congo, Democratic Republic of the | 1 |
Congo, Republic of the | 0 |
Costa Rica | 8 |
Cote d'Ivoire | 1 |
Croatia | 7 |
Cuba | 2 |
Curacao | 20 |
Cyprus | 7 |
Czechia | 12 |
Denmark | 21 |
Djibouti | 0 |
Dominica | 0 |
Dominican Republic | 7 |
Ecuador | 5 |
Egypt | 12 |
El Salvador | 4 |
Equatorial Guinea | 0 |
Eritrea | 0 |
Estonia | 6 |
Eswatini | 1 |
Ethiopia | 1 |
Fiji | 1 |
Finland | 19 |
France | 81 |
French Guiana | 0 |
Gabon | 0 |
Gambia | 1 |
Georgia | 0 |
Germany | 233 |
Ghana | 11 |
Greece | 16 |
Grenada | 1 |
Guatemala | 1 |
Guinea | 0 |
Guinea-Bissau | 0 |
Guyana | 1 |
Haiti | 1 |
Honduras | 3 |
Hong Kong | 80 |
Hungary | 10 |
Iceland | 4 |
India | 364 |
Indonesia | 17 |
Iran | 11 |
Iraq | 0 |
Ireland | 99 |
Israel | 88 |
Italy | 57 |
Jamaica | 9 |
Japan | 42 |
Jordan | 2 |
Kazakhstan | 27 |
Kenya | 10 |
Kiribati | 0 |
Kosovo | 0 |
Kuwait | 4 |
Kyrgyzstan | 1 |
Laos | 0 |
Latvia | 1 |
Lebanon | 5 |
Lesotho | 0 |
Liberia | 0 |
Libya | 0 |
Liechtenstein | 0 |
Lithuania | 7 |
Luxembourg | 10 |
Macau | 2 |
Madagascar | 1 |
Malawi | 0 |
Malaysia | 41 |
Maldives | 1 |
Mali | 0 |
Malta | 4 |
Marshall Islands | 0 |
Mauritania | 1 |
Mauritius | 2 |
Mexico | 123 |
Micronesia | 0 |
Moldova | 0 |
Monaco | 4 |
Mongolia | 0 |
Montserrat | 1 |
Montenegro | 3 |
Morocco | 5 |
Mozambique | 0 |
Myanmar | 0 |
Namibia | 0 |
Nauru | 0 |
Nepal | 4 |
Netherlands | 71 |
New Zealand | 31 |
Nicaragua | 4 |
Niger | 0 |
Nigeria | 20 |
North Korea | 0 |
North Macedonia | 1 |
Norway | 40 |
Oman | 2 |
Pakistan | 20 |
Palau | 0 |
Palestine | 0 |
Panama | 9 |
Papua New Guinea | 2 |
Paraguay | 1 |
Peru | 13 |
Philippines | 48 |
Poland | 36 |
Portugal | 37 |
Qatar | 5 |
Romania | 32 |
Russia | 176 |
Rwanda | 1 |
Saint Kitts and Nevis | 0 |
Saint Lucia | 1 |
Saint Vincent and the Grenadines | 0 |
Samoa | 0 |
San Marino | 0 |
Sao Tome and Principe | 0 |
Saudi Arabia | 20 |
Senegal | 1 |
Serbia | 3 |
Seychelles | 0 |
Sierra Leone | 0 |
Singapore | 92 |
Slovakia | 12 |
Slovenia | 5 |
Solomon Islands | 0 |
Somalia | 0 |
South Africa | 119 |
South Korea | 42 |
South Sudan | 0 |
Spain | 83 |
Sri Lanka | 2 |
Sudan | 0 |
Suriname | 3 |
Sweden | 30 |
Switzerland | 73 |
Syria | 0 |
Taiwan | 44 |
Tajikistan | 0 |
Tanzania | 2 |
Thailand | 37 |
Timor-Leste | 0 |
Togo | 2 |
Tonga | 0 |
Trinidad and Tobago | 1 |
Tunisia | 3 |
Turkey | 58 |
Turkmenistan | 0 |
Tuvalu | 0 |
Uganda | 2 |
Ukraine | 30 |
United Arab Emirates (UAE) | 60 |
United Kingdom (UK) | 774 |
United States of America (USA) | |
Uruguay | 2 |
Uzbekistan | 4 |
Vanuatu | 0 |
Vatican City (Holy See) | 0 |
Venezuela | 17 |
Vietnam | 10 |
Yemen | 0 |
Zambia | 2 |
Zimbabwe | 1 |
Cryptocurrency
Cryptocurrency complaints make up nearly 17% of the SEC’s total complaints.
Since 2019, the SEC has tracked the number of cryptocurrency-related complaints it receives from the public. The data clearly indicates a growing trend, with crypto complaints becoming a significant portion of the SEC’s overall caseload. Cryptocurrency complaints have increased by 5x since 2019 and have outpaced complaints involving insider trading.
Cryptocurrency Compaints Rising
Cryptocurrency took the No. 3 spot on the SEC’s list of most reported wrongdoing in 2022, surpassing insider trading and other categories.