Experienced and Effective SEC Whistleblower Lawyers

SEC Whistleblower Reward Program

Since 2012, the SEC has issued more than $1.3 billion in awards to whistleblowers, which includes awards to our clients totaling millions of dollars.  Experienced and effective SEC whistleblower lawyers can provide critical guidance to whistleblowers throughout this process to protect their identities and increase the likelihood that they maximize their awards.

In matters in which we obtained SEC whistleblower awards for our clients, the public orders announcing the awards note the “significant assistance” provided to SEC staff that enabled the SEC to complete investigations more quickly.

If you have original information that you would like to report to the SEC Office of the Whistleblower, contact the Director of our SEC Whistleblower Practice at [email protected] or call our leading SEC whistleblower lawyers at (202) 930-5901 or (202) 262-8959. All inquiries are confidential.

In conjunction with our courageous clients, our SEC whistleblower attorneys have helped the SEC halt multi-million dollar investment schemes, expose violations at large publicly traded companies, and return funds to defrauded investors.

In contrast to many other SEC whistleblower law firms, our multi-disciplinary team of SEC whistleblower lawyers includes a Certified Public Accountant and Certified Fraud Examiner with substantial experience auditing public companies and investigating complex fraud schemes. We understand the many challenges that the SEC faces in investigating our clients’ disclosures and take measures to increase the likelihood that the SEC will be able to effectively pursue the disclosures that our SEC whistleblower lawyers provide on behalf of our clients.

Under the SEC Whistleblower Reward Program, whistleblowers can submit tips anonymously to the SEC through an attorney and be eligible for an award for exposing any material violation of the federal securities laws, including:

• Accounting fraud;
• Investment fraud;
• Ponzi schemes;
• Foreign bribery and FCPA violations;
• Cryptocurrency fraud;
• Promissory note fraud;
• EB-5 investment fraud;
• Fraudulent securities offerings;
• Improper revenue recognition;
• Inadequate internal controls;
• Deceptive non-GAAP financials;
• Manipulation of a security’s price or volume;
• Insider trading;
• Hedge fund fraud;
• Unregistered broker-dealers;
• Investment adviser fraud;
• Anti-money laundering violations;
• False or misleading statements about a company or investment;
• Violations of auditor independence rules; and
• Misleading or incomplete cybersecurity disclosures.

The SEC has jurisdiction over a wide range of industries and entities – both public and private.

Recently the Association of Certified Fraud Examiners published a profile of SEC whistleblower attorney Matthew Stock’s success working with whistleblowers to fight fraud:

Click below to hear SEC whistleblower attorney Matthew Stock’s tips for SEC whistleblowers:

SEC Whistleblower Lawyers’ Guide to SEC Whistleblower Awards

Under the SEC Whistleblower Program, the SEC will issue awards to whistleblowers who provide original information that leads to enforcement actions with total monetary sanctions (penalties, disgorgement, and interest) in excess of $1 million. In exchange for the valuable information, a whistleblower may receive an award of between 10% and 30% of the total monetary sanctions collected.

In determining an award percentage, the SEC considers the particular facts and circumstances of each case. For example, positive factors that may increase an award percentage include the significance of the information, the level of assistance provided by the whistleblower and the whistleblower’s attorney, and the law enforcement interests at stake. On the other hand, negative factors that may decrease an award percentage include unreasonable delay in reporting the violation to the SEC and the culpability or involvement of the whistleblower in the violation. For more information, see the SEC Office of the Whistleblower’s Guidance for Whistleblower Award Determinations and Approach to Processing Whistleblower Award Claims.

Since 2012, the SEC Whistleblower Office has issued more than $1 billion in awards to whistleblowers. The largest SEC whistleblower awards to date are $114 million, $110 million, and $50 million. See some of the SEC whistleblower cases that have resulted in multi-million dollar awards.

Benefits of Retaining an Effective SEC Whistleblower Attorney

The path to receiving an SEC whistleblower award is lengthy and complex. Throughout this process, an SEC whistleblower attorney can provide critical guidance to whistleblowers on a wide range of issues.

Submit Tips Anonymously

If represented by an attorney, a whistleblower may submit a tip anonymously to the SEC. In certain circumstances, a whistleblower may remain anonymous, even to the SEC, until an award determination. However, even at the time of a reward, a whistleblower’s identity is not made available to the public. An experienced SEC whistleblower lawyer will be able to skillfully guide a whistleblower through the process, maximizing the likelihood that the whistleblower’s identity is not revealed to unauthorized parties. In addition, an SEC whistleblower attorney can help protect whistleblowers who experience retaliation after disclosing fraud or other violations to their employers or the SEC.

Eligibility for an Award

Most individuals, regardless of citizenship, can become eligible to receive awards under the SEC Whistleblower Program. This includes high-level corporate insiders and compliance personnel. The eligibility analysis, however, differs depending on the whistleblower’s relation to the company and how they obtained the information. An SEC whistleblower attorney can help a whistleblower determine whether they need to take any actions prior to submitting a tip to be eligible for an award.

Moreover, even if a whistleblower has already submitted a tip to the SEC, an SEC whistleblower attorney can ensure that the whistleblower followed the required procedures to be eligible for an award. A failure to comply with these rules could render a whistleblower ineligible for an award, even if they provided original information to the SEC that led to a successful enforcement action. The SEC recently amended the rules of the program to allow whistleblowers who originally failed to comply with certain procedures to fix, or “perfect,” their SEC whistleblower tips to become eligible for awards. For example, if a whistleblower first learns of the required filing procedures after retaining an attorney in connection with their submission, the rules allow the whistleblower to submit a properly executed tip within 30 days to become eligible for an award.

A skillful eligibility analysis may be the difference between a multimillion-dollar whistleblower award and no award at all.

Increase the Likelihood That the SEC Acts on a Whistleblower’s Tip

Since 2011, the SEC Office of the Whistleblower has received more than 52,400 whistleblower tips. The SEC has limited resources and can only investigate and pursue enforcement actions for a fraction of the tips received. An experienced SEC whistleblower attorney can take certain steps to increase the likelihood that the SEC acts on a whistleblower’s tip. For example, an SEC whistleblower attorney can assist a whistleblower by investigating their case, identifying the key violations, and preparing a persuasive submission that will be more likely to cause the SEC to open an investigation.

An SEC whistleblower lawyer can also identify and address potential evidentiary issues, which frequently arise in SEC whistleblower cases. Finally, as a practical matter, the SEC is more likely to act on a whistleblower’s tip if they receive a compelling submission from an SEC whistleblower law firm that has a track record of successfully representing whistleblowers.

As noted in an annual report of the SEC OWB, “Whistleblower tips that are specific, credible, and timely, and that are accompanied by corroborating documentary evidence, are more likely to be forwarded to investigative staff for further analysis or investigation. For instance, if the tip identifies individuals involved in the misconduct, provides examples of particular fraudulent transactions, or points to non-public materials evidencing a fraud, the tip is more likely to be assigned to Enforcement staff for investigation.” 

Maximize an SEC Whistleblower Award

When determining the amount of an award, the SEC considers various factors that may increase or decrease an award percentage of between 10% and 30% of the total monetary sanctions collected. An SEC whistleblower attorney can help a whistleblower leverage these factors to maximize their award. In addition, an SEC whistleblower attorney can determine whether a whistleblower is eligible for a “related action” award, which could significantly increase the amount of an award.

Finally, if the SEC acts on a whistleblower’s information and brings a successful enforcement action in excess of $1 million, an SEC whistleblower lawyer can help prepare a detailed application for an award that makes a compelling case for a high award percentage of the total monetary sanctions collected.

Importantly, these benefits represent only a handful of the countless ways in which an SEC whistleblower attorney can assist whistleblowers before the SEC. For more information, contact the SEC whistleblower attorneys at Zuckerman Law today to schedule a free, confidential consultation.

SEC Whistleblower Lawyers’ Tips to Qualify for an SEC Whistleblower Award

For more information about the SEC whistleblower process, see the SEC’s investor bulletin on SEC investigations.

SEC Whistleblower Protection Against Retaliation

Whistleblowers are also afforded substantial protection against retaliation. Learn more about anti-retaliation protections for SEC whistleblowers under the Dodd-Frank Act and Sarbanes-Oxley Act and the tools that our experienced whistleblower attorneys employ to combat retaliation.

SEC Whistleblower Office: FY 2021 the Best to Date

The SEC Whistleblower Program continued its remarkable run of success in FY 2021. According to the SEC Whistleblower Office’s 2021 Annual Report to Congress, the office received more than 12,200 tips in the fiscal year. This is the largest number of whistleblower tips the office has received in one year, which represents an approximate 76% increase over FY 2020, during which the SEC received the now-second highest number of whistleblower tips in a fiscal year.

The most common SEC whistleblower tips related to manipulation (25%), corporate disclosures and financials (16%), offering fraud (16%), trading and pricing (6%), and initial coin offerings and cryptocurrencies (6%). Other notable areas of SEC whistleblower tips included insider trading, foreign bribery and other FCPA violations, and unregistered securities offerings. Since 2011, the SEC Whistleblower Office has received more than 52,400 tips that have enabled the SEC to obtain orders for nearly $5 billion in total monetary sanctions, including more than $3.1 billion in disgorgement of ill-gotten gains and interest, of which more than $1.3 billion has been, or is scheduled to be, returned to harmed investors.

Consistent with prior years, the states that yielded the highest number of tips in FY 2021 were California, Maryland, Florida, New York, and Texas. The SEC Whistleblower Office also received whistleblower tips from 99 countries outside of the United States in FY 2021. The highest number of tips were from whistleblowers in Canada, the United Kingdom, and the People’s Republic of China.

Notably, whistleblowers need not be U.S. citizens to be eligible for SEC whistleblower awards and the SEC whistleblower attorneys at Zuckerman Law can represent SEC whistleblowers from any state or country. According to the 2017 Corruption Perceptions Index, a majority of countries are making little or no progress in ending corruption. This finding is consistent with PwC’s 2018 fraud survey, which reported the highest fraud levels in organizations in the past 20 years, and the ACFE’s 2021 fraud survey, which reported that 51% of organizations have uncovered more fraud since the pandemic and 71% of anti-fraud professionals expect the level of fraud to increase over the next year. As the SEC continues to promote worldwide public awareness of the SEC Whistleblower Program, we expect to see an increase in whistleblower tips and awards in the coming years.

The annual report also indicates that the SEC Whistleblower Program is gaining momentum. In particular, the SEC Office of the Whistleblower, which first opened its doors in August 2011, has issued a majority of the whistleblower awards in the past several years:

• In FY 2015, the SEC issued $37 million in awards to whistleblowers.
• In FY 2016, the SEC issued $57 million in awards to whistleblowers.
• In FY 2017, the SEC issued $50 million in awards to whistleblowers.
• In FY 2018, the SEC issued $168 million in awards to whistleblowers.
• In FY 2019, the SEC issued $60 million in awards to whistleblowers.
• In FY 2020, the SEC issued $175 million in awards to whistleblowers.
• In FY 2021, the SEC issued $564 million in awards to whistleblowers.

Largest SEC Whistleblower Awards

Since the inception of the SEC Whistleblower Program, whistleblower tips have enabled the SEC to order more than $3.5 billion in monetary sanctions against wrongdoers. The table below identifies some of the largest SEC whistleblower awards that the SEC has issued:

Whistleblower Award	Date	Basis for Whistleblower Award
$114 million	October 22, 2020	On October 22, 2020, the SEC announced its largest-ever whistleblower award of $114 million to a whistleblower whose information and "substantial, ongoing assistance" led to the successful enforcement of SEC and related actions. The award consisted of an approximately $52 million award in connection with the SEC case and an approximately $62 million award arising out of the related actions by another agency.
$110 million	September 15, 2021	On September 15, 2021, the SEC announced its second-largest whistleblower award of $110 million. According to the press release announcing the award, the award consists of an approximately $40 million award in connection with an SEC case and an approximately $70 million award arising out of related actions by another agency. With the award, the SEC Whistleblower Program has now paid more than $1 billion in awards to whistleblowers.
$50 million	April 15, 2021	On April 15, 2021, the SEC announced a $50 million award to joint whistleblowers. The press release announcing the award stated, "The joint whistleblowers provided exemplary assistance to the SEC staff during the investigation, including meeting with staff numerous times and providing voluminous detailed documents. The information provided by these individuals resulted in the return of tens of millions of dollars to harmed investors."
$50 million	June 4, 2020	On June 4, 2020, the SEC announced its then largest-ever whistleblower award of $50 million to a whistleblower. In the press release announcing the award, the Chief of the SEC’s Office of the Whistleblower, Jane Norberg, stated: "This award is the largest individual whistleblower award announced by the SEC since the inception of the program, and brings the total awarded to whistleblowers by the SEC to over $500 million, including over $100 million in this fiscal year alone. Whistleblowers have proven to be a critical tool in the enforcement arsenal to combat fraud and protect investors."
$50 and $33 million	March 19, 2018	On March 19, 2018, the SEC announced an award of $50 million to two whistleblowers and an award of $33 million to another whistleblower. See the SEC's order determining the whistleblowers' award claims here.
$39 and $15 million	September 6, 2018	On September 6, 2018, the SEC announced its second-largest SEC whistleblower award to date of $39 million. According to the SEC's Press Release, the whistleblowers provided critical information and continued assistance that helped the SEC bring an important enforcement action.
$37 and $13 million	March 26, 2019	On March 26, 2019, the SEC announced its third-highest SEC whistleblower award to date of $37 million. Another whistleblower received a $13 million award in the same action, totaling $50 million in awards to the two whistleblowers.
$36 million	September 24, 2021	The Securities and Exchange Commission announced an award of approximately $36 million to a whistleblower "whose information and assistance significantly contributed to the success of an SEC enforcement action as well as actions by another federal agency." According to the SEC's press release announcing the award, "the whistleblower provided crucial information on an illegal scheme to the SEC's and the other agency's staffs, which included multiple meetings and the identification of key documents and witnesses. Under the SEC's whistleblower program, individuals who provide critical information to other agencies may be eligible for a related action award if they are also eligible for an award in the underlying SEC action."
$30 million	September 22, 2014	A foreign whistleblower came to the SEC with “information about an ongoing fraud that would have been very difficult to detect.” This award underscores that non-US citizens are eligible whistleblowers in the SEC Whistleblower Program.
$28 million	May 19, 2021	On May 19, 2021, the SEC announced an award to a whistleblower totaling more than $28 million in connection with an SEC enforcement action and a related action by another federal agency. The whistleblower’s information caused both the SEC and the other agency to open investigations that resulted in significant enforcement actions.
$28 million	November 3, 2020	The SEC issued a $28 million award to a whistleblower who "provided significant information that aided the SEC in bringing a successful enforcement action." According to the press release announcing the award, the whistleblower "internally reported information that prompted the company to initiate an internal investigation, and saved the staff time and resources by providing testimony and identifying a key witness."
$27 million	May 17, 2021	The SEC awarded almost $27 million to two whistleblowers who provided SEC staff with "new information and assistance during an existing investigation, including meeting with the staff in person on multiple days." According to the SEC's press release, the whistleblowers' "information and cooperation helped the Commission bring the enforcement action, which resulted in the return of millions of dollars to harmed investors."
$27 million	April 16, 2020	The SEC issued a $27 million award to a whistleblower who alerted the agency to misconduct occurring, in part, overseas. After providing the tip to the SEC, the whistleblower provided critical investigative leads that advanced the investigation and saved significant SEC resources. For more information, click here.
$23 million	June 2, 2021	The SEC issued two awards of approximately $13 million and $10 million to two whistleblowers whose information and assistance led to successful SEC and related actions. According to the SEC's press release: "The whistleblowers’ information and assistance led to multiple successful enforcement actions related to a complex and fraudulent scheme involving multiple individuals and tens of millions of dollars in ill-gotten gains.”
$22 million	May 10, 2021	On May 20, 2021, the SEC issued awards totaling $22 million to two whistleblowers whose information and assistance were of "crucial importance to successful SEC enforcement actions brought against a financial services firm." According to the SEC's press release: "The first whistleblower received an award of $18 million, while the second whistleblower received a $4 million award [because] the first whistleblower was the initial source of the investigation while the second whistleblower submitted information much later after the investigation was already underway."
$22 million	September 30, 2021	The SEC issued an award of almost $30 million to two insider whistleblowers whose tips led SEC staff to open an investigation. The first whistleblower, who was the first to alert SEC staff of potential wrongdoing and provided substantial, ongoing assistance, received an award of approximately $22 million. The second whistleblower provided additional valuable information, which significantly contributed to the success of the SEC's enforcement action, and received an award of approximately $7 million.
$22 million	August 30, 2016	A former financial executive at Monsanto exposed weaknesses in the company’s internal controls that failed to account for millions of dollars in rebates. Monsanto agreed to settle the allegations of accounting fraud for $80 million. Importantly, external auditors, internal auditors, accountants and other compliance personnel may be eligible for awards under the SEC Whistleblower Program. Indeed, they are often best positioned to discover wrongdoing.
$20 million	November 14, 2016	According to the SEC's order determining the whistleblower awards, three whistleblowers applied for awards related to the enforcement action. The SEC denied two of the whistleblowers' applications because they did not provide "original information," and issued the full $20 million award to one whistleblower.
$18 million	April 28, 2020	The SEC announced an award of more than $18 million to a whistleblower whose tip prompted an enforcement action that returned millions of dollars to retail investors.
$17 million	June 9, 2016	A company insider “substantially advanced the agency’s investigation and ultimate enforcement action.” This award highlights that whistleblowers may receive an award if they provide original information regarding an open SEC investigation if it significantly contributes to the success of the action.
$16 million	November 30, 2017	Two whistleblowers received awards of more than $8 million each for providing the SEC with critical information that led to a successful enforcement action. This award demonstrates how whistleblowers can receive an increased award percentage for providing ongoing, extensive, and timely assistance to the SEC. As detailed in the SEC's order, the second whistleblower received the same $8 million award as the first whistleblower by providing additional significant information and ongoing assistance to the SEC that "enabled the Enforcement staff to more fully and quickly understand the misconduct and to assess the legal consequences... [which] saved a substantial amount of time and resources in the Investigation."
$14 million	September 30, 2013	The whistleblower exposed a fraudulent offering that targeted foreign investors who sought to gain a legal pathway to citizenship through the EB-5 Immigrant Investor Program.
$9.2 million	February 23, 2021	The whistleblower provided significant information about an ongoing fraud to the SEC that enabled a large amount of money to be returned to investors harmed by the fraud. In addition, the whistleblower information led to successful related actions by the DOJ, one of which was a non-prosecution agreement (NPA) or deferred prosecution agreement (DPA). The award marks the first SEC whistleblower "related action" award based on a NPA or DPA with the DOJ since amendments to the SEC’s whistleblower program rules became effective on Dec. 7, 2020.
$7 million	January 23, 2017	Three whistleblowers split an award of more than $7 million after helping the SEC prosecute an investment scheme. One whistleblower provided information that was the primary reason that the SEC opened an investigation. That whistleblower received a more than $4 million award. Two other whistleblowers jointly provided new information during the SEC’s investigation that significantly contributed to the success of the SEC’s enforcement action. Those two whistleblowers will split more than $3 million.
$5.5 million	January 6, 2017	An anonymous whistleblower orally provided the SEC with critical information about ongoing securities fraud. Generally, the SEC requires that whistleblower provide information “in writing.” However, the SEC waived that requirement in this case due to “highly unusual circumstances” and awarded the whistleblower more than $5.5 million for the information. This award marks the third time that the SEC has deemed it appropriate to waive a procedural requirement. The most recent exception occurred on July 27, 2017, when the SEC issued a $1.7 million whistleblower award to an insider who failed to comply with all of the whistleblower program's rules and had some culpability in the fraud. The former chief of the SEC whistleblower office said that these awards underscore the SEC’s discretionary authority to do what justice requires.
$5 million	April 20, 2020	The SEC issued a $5 million award to a whistleblower who provided significant information that led to a successful enforcement action. According to the SEC, the whistleblower provided critical evidence of wrongdoing, which helped save time and resources in the SEC’s investigation, and the whistleblower suffered a unique hardship as a result of raising concerns internally.
$5 million	May 17, 2016	A former company insider’s detailed tip led the agency to uncover securities violations that would have been nearly impossible for it to detect but for the whistleblower’s information. The SEC's press release noted that employees are often best positioned to witness wrongdoing.
$4 million	April 25, 2017	The SEC issued the $4 million award to an anonymous whistleblower who provided information that led another governmental authority to a successful enforcement action resulting in significant monetary sanctions. This award highlights that SEC whistleblowers may be eligible for awards for "related actions."
$4 million	September 30, 2016	The SEC issued the award to an anonymous whistleblower for “alter[ing] the agency to a fraud.” The lack of publicly available information about the anonymous whistleblower and the enforcement action underscores how serious the SEC is about protecting whistleblower's. Under the program, whistleblower may report anonymously through an SEC whistleblower attorney.
$3.8 million	July 14, 2020	The SEC issued a $3.8 million award to a whistleblower that provided new information during the course of an ongoing investigation into a fraudulent scheme. According to the order announcing the award, the information that the whistleblower provided “helped the Commission halt an ongoing fraud and return millions of dollars to harmed investors.”
$3.5 million	May 13, 2016	The whistleblower “bolstered an ongoing investigation with additional evidence of wrongdoing” which helped the SEC during settlement discussions with the company. This award underscores how whistleblowers may still receive an award even if the SEC already has an open investigation into a matter.

SEC Whistleblower Law Firm: Top FAQs

The SEC whistleblower process is lengthy and complex. See below for articles by our firm’s SEC whistleblower lawyers responding to frequently asked questions by SEC whistleblowers.

1. What is the SEC Whistleblower Program?
2. What is the SEC Office of the Whistleblower?
3. What are the largest SEC whistleblower awards?
4. Can I submit a tip anonymously to the SEC Office of the Whistleblower?
5. What exactly does anonymous whistleblowing entail?
6. How can I perfect my SEC whistleblower tip to qualify for an award?
7. What employment protections are available for SEC whistleblowers?
8. What violations qualify for an SEC whistleblower award?
9. Can the SEC bring enforcement actions against international schemes?
10. Who is an “eligible” SEC whistleblower?
11. Can compliance personnel, auditors, officers or directors qualify for SEC whistleblower awards?
12. Can I submit a tip to the SEC if I had some involvement in the fraud or misconduct?
13. Can culpable whistleblowers qualify for SEC whistleblower awards?
14. Do I have to report a potential violation to my company before reporting it to the SEC?
15. What type of evidence should I provide to the SEC?
16. Can I use confidential company documents to expose fraud?
17. Can I disclose secret recordings to the SEC?
18. Can I submit a tip if I agreed to a confidentiality provision in an employment/severance agreement?
19. When is the best time to report the fraud or misconduct to the SEC?
20. What is “original information”?
21. Can I submit an SEC Whistleblower claim if the SEC already has an open investigation into the matter?
22. How might my information “lead to” a successful SEC enforcement action?
23. What “related actions” qualify for an SEC whistleblower award?
24. How do the best SEC whistleblower law firms advocate for whistleblowers?
25. How do I choose the best whistleblower attorney?
26. Why should I choose the Zuckerman Law to represent me in my SEC whistleblower claim?
27. How do I submit a tip to the SEC Office of the Whistleblower?
28. What happens after I submit a tip to the SEC Office of the Whistleblower?
29. What is the full process for a whistleblower to receive an award?  
30. What factors does the SEC consider when determining the amount of the award?
31. What happens after I apply for an SEC whistleblower award?
32. What is the process to appeal the SEC’s award determination?
33. How long does it take to receive an SEC whistleblower award?

SEC Whistleblower Attorneys’ Tips to Navigate SEC Whistleblower Program’s Process

As discussed in our articles, the SEC Whistleblower Program has become a very effective enforcement tool for the SEC.  But very few whistleblowers have received awards, which underscores the importance of having experienced counsel represent a whistleblower effectively at the SEC.

• MarketWatch: More than 33,000 tips, $2.5 billion in financial remedies and $500 million in awards to investors — the SEC’s whistleblower program turns 10 years old today
• Going Concern: Here Are 6 Reasons Why the SEC Whistleblower Program Is Successful
• National Law Review: 5 Ways that Experienced SEC Whistleblower Law Firms Can Effectively Advocate for Whistleblowers
• D&O Diary: How the SEC Whistleblower Program Has Changed Corporate Compliance and SEC Enforcement
• Forbes: One Billion Reasons Why The SEC Whistleblower-Reward Program Is Effective

Top-Rated SEC Whistleblower Lawyers

We have assembled a team of leading SEC whistleblower lawyers to provide top-notch representation to SEC whistleblowers.  Washingtonian magazine named two of our attorneys top whistleblower lawyers. U.S. News and Best Lawyers® have named Zuckerman Law a Tier 1 Law Firm in the Washington D.C. metropolitan area.

• Matt Stock is a Certified Public Accountant, Certified Fraud Examiner and former KPMG external auditor.  As an auditor, Stock developed an expertise in financial statement analysis and internal controls testing and fraud recognition.  He uses his auditing experience to help SEC whistleblowers investigate and disclose complex financial frauds to the government and develop a roadmap for the SEC to take an enforcement action.  Matt has been interviewed on CNBC, quoted extensively about whistleblower rewards in the media, and is the lead author of SEC Whistleblower Program: Tips from SEC Whistleblower Attorneys to Maximize an SEC Whistleblower Award.
• Dallas Hammer has extensive experience representing whistleblowers in retaliation and rewards claims and has written extensively about cybersecurity whistleblowing. He was selected by his peers to be included in The Best Lawyers in America® in the category of employment law in 2021 and 2022.
• Described by the National Law Journal as a “leading whistleblower attorney,” founding Principal Jason Zuckerman has established precedent under a wide range of whistleblower protection laws and obtained substantial compensation for his clients and recoveries for the government in whistleblower rewards and whistleblower retaliation cases.  He served on the Department of Labor’s Whistleblower Protection Advisory Committee, which makes recommendations to the Secretary of Labor to improve OSHA’s administration of federal whistleblower protection laws.  Zuckerman also served as Senior Legal Advisor to the Special Counsel at the U.S. Office of Special Counsel, the federal agency charged with protecting whistleblowers in the federal government.  At OSC, he oversaw investigations of whistleblower claims and obtained corrective action or relief for whistleblowers.
• Zuckerman was recognized by Washingtonian magazine as a “Top Whistleblower Lawyer” (2020, 2018, 2017, 2015, 2009, and 2007), selected by his peers to be included in The Best Lawyers in America® in the category of employment law (2011-2021) and in SuperLawyers in the category of labor and employment law (2012 and 2015-2021), is rated 10 out of 10 by Avvo, based largely on client reviews, and is rated AV Preeminent® by Martindale-Hubbell based on peer reviews
• We have published extensively on whistleblower rights and protections, and speak nationwide at seminars and continuing legal education conferences.  We blog about new developments under whistleblower retaliation and rewards laws at the Whistleblower Protection Law and SEC Awards Blog, and in 2019, the National Law Review awarded Zuckerman its “Go-To Thought Leadership Award” for his analysis of developments in whistleblower law.
• Our attorneys have been quoted by and published articles in leading business, accounting, and legal periodicals about the SEC whistleblower program, including articles in The Wall Street Journal, Forbes, CNBC, MarketWatch, Vox, Accounting Today, Going Concern, Law360 – Expert Analysis, Investopedia, The National Law Review, inSecurities, Government Accountability Project, S&P Global Market Intelligence, Risk & Compliance Magazine, The D&O Diary, The Compliance and Ethics Blog, Compliance Week and other printed and electronic media.

SEC Whistleblower Office Annual Reports

The SEC Whistleblower Office provides an Annual Report to Congress on the SEC Whistleblower Program. See below for the annual reports:

• 2011 Annual Report to Congress on the SEC Whistleblower Program
• 2012 Annual Report to Congress on the SEC Whistleblower Program
• 2013 Annual Report to Congress on the SEC Whistleblower Program
• 2014 Annual Report to Congress on the SEC Whistleblower Program
• 2015 Annual Report to Congress on the SEC Whistleblower Program
• 2016 Annual Report to Congress on the SEC Whistleblower Program
• 2017 Annual Report to Congress on the SEC Whistleblower Program
• 2018 Annual Report to Congress on the SEC Whistleblower Program
• 2019 Annual Report to Congress on the SEC Whistleblower Program
• 2020 Annual Report to Congress on the SEC Whistleblower Program
• 2021 Annual Report to Congress on the SEC Whistleblower Program

SEC Areas of Enforcement

According to the FY 2021 report of the SEC Office of the Whistleblower, the most common allegation types reported by SEC whistleblowers relate to:

• Manipulation;
• Corporate disclosures and financials;
• Offering fraud;
• Trading and pricing;
• Initial coin offerings and cryptocurrencies;
• Insider trading;
• Foreign bribery and other FCPA violations; and
• Unregistered securities offerings.

Resources for SEC Whistleblowers from Experienced and Effective SEC Whistleblower Lawyers

For more information about the SEC Whistleblower Program, see the following resources:

• Tips for SEC Whistleblowers
• Leading SEC Whistleblower Law Firm Featured in Article About Growing Wave of Whistleblower Lawsuits
• SEC Whistleblower Reward Program FAQ
• Auditors’ and accountants’ guide to SEC whistleblower awards
• Whistleblower Protections and Incentives for Auditors and Accountants
• How to Report EB-5 Fraud and Earn an SEC Whistleblower Award
• CFTC Strengthens Anti-Retaliation Protections for Whistleblowers and Improves CFTC Whistleblower Award Program
• SEC Cracking Down on Ponzi Schemes
• SEC Scrutinizes “Fake News” Stock Promotion Schemes
• SEC Whistleblower Program: Exposing Insider Trading
• SEC Awards for Disclosures of Foreign Bribery or FCPA Violations
• Whistleblower Rewards and Bounties for Disclosures of Market Manipulation Schemes
• SEC Targeting Investment Adviser Fraud
• Compliance Personnel, Auditors, Officers and Directors Can Obtain SEC Whistleblower Awards
• Money Laundering and the SEC Whistleblower Program
• International Whistleblower Representation – SEC Whistleblower Attorney
• Anonymous Whistleblowing: Does the SEC Whistleblower Program Protect a Whistleblower’s Identity?
• SEC Awards for Disclosures of Foreign Bribery or FCPA Violations
• Securities Fraud Enforcement Action Prompts the Question: What Was the Company Smoking?
• Compliance Officer Whistleblower Representation
• SEC Whistleblower Program: What is the SEC Form TCR?
• Tale of Two Whistleblowers: Lessons Learned from Today’s SEC Whistleblower Award
• Whistleblowers Help CFTC Obtain Record Penalties for Commodities Fraud
• Report Underscores Importance of Whistleblower Rewards and Protections for Internal Auditors
• SEC Sanctions: Whistleblower Reference Guide
• Protections and Rewards for Cybersecurity Whistleblowers
• CFTC Announces Second Whistleblower Award in 2016 as the Agency’s Whistleblower Reward Program Picks Up Steam
• EB-5 Visa Scandal Underscores the Critical Role Whistleblowers Play in Exposing EB-5 Fraud
• SEC Enforcement Director Touts Success of SEC Whistleblower Program
• SEC Whistleblower Program Not Limited to Corporate Insiders
• SEC Pays $3M Award to Whistleblower
• SEC Draft Strategic Plan Affirms the Importance of the SEC’s Whistleblower Reward Program
• Whistleblower Lawyer Interviewed About SEC Whistleblower Award
• SEC Whistleblower Lawyer Quoted in National Law Journal About SEC Whistleblower Program
• SEC Whistleblower Lawyer Zuckerman Quoted About SEC Whistleblower Award for Independent Analysis
• SEC Whistleblower Lawyer Jason Zuckerman Quoted About Tips for SEC Whistleblowers
• Whistleblower Lawyer Jason Zuckerman Quoted About SEC Whistleblower Award
• Whistleblower Lawyer Interviewed About the Rise of Cybersecurity Whistleblowing
• Whistleblower Attorney Zuckerman Quoted in Washington Post About SEC Order
• Whistleblower Attorney Dallas Hammer Interviewed by Bloomberg About Dodd-Frank Protected Whistleblowing
• SEC Whistleblower Lawyer Zuckerman Quoted About SEC Whistleblower Award for Independent Analysis
• SEC Office of the Whistleblower Resources

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