Whistleblower Representation

The SEC's whistleblower program, created by Section 21F of the Securities Exchange Act in 2010, is one of the few federal regulatory programs that pays people who report violations. Awards range from 10 percent to 30 percent of monetary sanctions of more than $1 million collected in a successful enforcement action, paid from an investor protection fund rather than the general Treasury.

It is also a program with specific procedural requirements that materially affect outcomes. The eligibility test, the original information requirement, the related-action rules, and the timing constraints on when information becomes "original" are public, well-documented, and frequently missed.

The firm's representation draws on 3.5+ years of direct experience inside the SEC's Office of the Whistleblower, the office that evaluates Form TCR submissions, recommends Commission determinations on awards, and applies Rule 21F day in and day out. That experience shapes how submissions are framed, including which facts to surface first, which to hold back for follow-up, and how to demonstrate originality without compromising future enforcement value.

It also shapes how follow-up with the office is paced. The award evaluation is not adversarial, but it is procedural, and a submission that arrives in a form the office can act on moves faster than one that does not.

Anonymity is available under Rule 21F when the submission is made through counsel. Counsel verifies the whistleblower's identity to the Commission at the time any award is claimed. The firm represents whistleblowers anonymously where appropriate, and on the record where strategy calls for it.

Anonymity is not absolute. There are circumstances, including award claims, certain enforcement contexts, and litigation arising from the underlying conduct, in which identity may need to be confirmed. The scope and limits of anonymity are part of the initial scoping conversation.

Anti-retaliation protection under Dodd-Frank, as narrowed by the Supreme Court's 2018 decision in Digital Realty Trust v. Somers, requires reporting to the SEC before any protected activity. Internal-only reporting, to a supervisor, audit committee, or compliance hotline, does not qualify a person as a Dodd-Frank whistleblower for retaliation purposes.

Sarbanes-Oxley Section 806 protections remain available for internal-only reporting in many contexts, on a different procedural track (an administrative complaint with OSHA within 180 days). The interaction of these two regimes is part of the initial scoping conversation, before any reporting decision is made.