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January 20, 2022

The SEC Whistleblower Program Is a Resounding $5 Billion Success Story With a Bright Future

Thursday, January 20, 2022
Contact: Doug Walker at 202-618-6430 or

WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, issued the following statement on release of a new report on the SEC Whistleblower Program:

“Established by the 2010 Dodd-Frank Act, the SEC’s whistleblower program has amassed an impressive, decade-long record as an effective law enforcement tool. Incentivizing those with critical and hard-to-uncover evidence about securities fraud to come forward despite enormous personal and financial risk, the program has been a resounding success by any measure.

“The SEC has attracted more than 52,400 whistleblower tips containing valuable market intelligence and information from individuals in 133 countries. It has resulted in monetary sanctions against securities fraudsters totaling nearly $5 billion, with $1.3 billion going to help make victims whole. And while some awards may seem outsized, Congress knew that whistleblowers would need strong inducements and protections to compensate for the career-destroying risks they can face. The program has had some ups and downs, but as detailed in our report, the restrictive rule changes adopted in 2020 are slated for a rollback, and once the SEC follows through with those reforms, the program will be back squarely on track.

“Our new report outlines how the Whistleblower Program has profoundly improved the SEC’s ability to detect, punish, and deter securities fraud while helping injured investors recover their losses. As a result, the SEC is more effectively pursuing its three-part mission of protecting investors, maintaining the integrity of the securities markets, and facilitating capital formation. Enforcement efforts informed by the program help ensure that investors can safely invest in markets and reap the returns they offer, while entrepreneurs and companies have access to the capital they need to start and grow their businesses.”


Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit

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