On November 15, the U.S. Securities and Exchange Commission (SEC) announced its enforcement results for Fiscal Year 2022 (FY 2022). The agency revealed it recovered a record $6.9 billion in penalties and disgorgement over the course of FY 2022. In its announcement, the SEC highlights the role the agency’s whistleblower program played in its enforcement success.

“The SEC’s Office of the Whistleblower is an integral part of the Enforcement Program,” the report states. “In fiscal year 2022, the SEC issued approximately $229 million in 103 awards, making it the SEC’s second highest year in terms of dollar amounts and number of awards. The Whistleblower Program also received a record high number of whistleblower tips alleging wrongdoing—more than 12,300 whistleblower tips—in fiscal year 2022.”

Through the SEC Whistleblower Program, qualified whistleblowers, individuals who voluntarily provide the agency with original information that leads to a successful enforcement action are entitled to an award of 10-30% of the funds collected by the government in the action.

The SEC set records for the most money awarded to whistleblowers and for the most individual awards in Fiscal Year 2021 when it awarded approximately $564 million to 108 individuals. Since issuing its first award in 2012, the SEC has issued over $1.3 billion in whistleblower awards.

In FY 2022 the SEC also filed enforcement actions against entities and individuals that violated the Dodd-Frank Act’s anti-retaliation...

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