Today Better Markets issued a compelling report documenting the success of the SEC Whistleblower Program titled SEC’s Whistleblower Program: A $5 Billion Success Story With a Bright Future (Report). Better Markets is a non-profit, non-partisan, and independent organization that promotes the public interest in the financial markets and supports the financial reform of Wall Street. The Report identifies how the program “has profoundly improved the SEC’s ability to detect, punish, and deter securities fraud while helping injured investors recover their losses.”
Citing data from the SEC Whistleblower Program’s FY 2021 annual report, the Better Markets’ Report notes that the 52,400 SEC whistleblowers tips submitted to the SEC since the inception of the program have resulted in the SEC obtaining nearly $5 billion in monetary sanctions against fraudsters who violated securities laws and SEC rules, including more than $3.1 billion in disgorgement of ill-gotten gains and interest. And of that amount, more than $1.3 billion has been, or is scheduled to be, returned to harmed investors.
In addition, the Report identifies the following key benefits of the program:
Whistleblowers “help halt violations of law that the SEC might never uncover, thus preventing hundreds or thousands of investors from suffering losses, and they help recover funds for the benefit of already-victimized investors.”
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