2026-04-07 SEC Press pdf 222 KB 17,633 chars

Annual Report to Congress for Fiscal Year 2025

Exhibit of SEC Announces Enforcement Results for Fiscal Year 2025

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Scheme: non-corporate (95%)
Victim loss: $60,000,000

Classified non-corporate(confidence 95%). No EDGAR filing fingerprint (criminal/DOJ-side scheme). detection rule →

Extracted insights

Dollar amounts 14

$361.81M $361,813,819 $100M–$1B
$318.54M $318,540,678 $100M–$1B
$170.22M $170,221,335 $100M–$1B
$104.92M $104,916,973 $100M–$1B
$60.00M $60 million $10M–$100M
$28.55M $28,554,863 $10M–$100M
$21.96M $21,961,506 $10M–$100M
$16.19M $16,191,895 $10M–$100M
$12.00M $12 million $10M–$100M
$5.00M $5 million $1M–$10M
$2.00M $2 million $1M–$10M
$1.00M $1 million $1M–$10M

Entities 1

person joint whistleblowers

Triples 11

Dodd-Frank Wall Street Reform and Consumer Protection Act amended Securities Exchange Act of 1934
Section 21F directs the Commission to make monetary awards to eligible individuals
Commission awarded more than $60 million to 48 individual whistleblowers in FY 2025
Commission granted awards in 31 Covered Actions in FY 2025
whistleblower was awarded approximately $2 million
Joint whistleblowers received an award totaling more than $4.5 million
Joint whistleblowers verb share approximately $12 million award
Commission barred five claimants from participation in the Program in FY 2025
Commission issued Final Orders denying awards to 275 individuals
Program issued 198 Preliminary Summary Dispositions in FY 2025
Program made 114 Preliminary Determinations recommending denials

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Annual Report to Congress for Fiscal Year 2025 · Source

Text layers

Extracted body text (17,633c)

Securities and Exchange Commission Office of the Whistleblower

Annual Report to Congress for Fiscal Year 2025

February 11, 2026

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank)1
amended the Securities Exchange Act of 1934 (Exchange Act)2 by, among other things, adopting
Section 21F,3 entitled “Securities Whistleblower Incentives and Protection.” Section 21F directs
the Commission to make monetary awards to eligible individuals who voluntarily provide
original information that leads to successful Commission enforcement actions resulting in
monetary sanctions over $1 million (Covered Action), and successful related actions.4 Awards
for Covered Actions must be made in an amount that is in the aggregate equal to 10% to 30% of
the monetary sanctions collected.5 Pursuant to the requirements of Exchange Act Section
21F(g)(5), this report is furnished by the Commission’s Office of the Whistleblower (OWB) to
provide information on the Commission’s Whistleblower Program (Program) for Fiscal Year
(FY) 2025.

The Program continues to support the work of the Commission. The Program helps to
protect Main Street investors when whistleblowers submit information to the SEC about
potential securities violations. In FY 2025, the Commission awarded a total of more than
$60 million to 48 individual whistleblowers6 and 82 Preliminary Determinations were made
recommending awards.

1 5 Pub. L. No. 111-203, § 922(a), 124 Stat. 1841 (2010).

2 15 U.S.C. § 78a, et seq.

3 15 U.S.C.§ 78u-6.

4 “Related actions” is defined at 15 U.S.C. § 78u-6(a)(5) and 17 C.F.R. § 240.21F-3.

5 15 U.S.C. § 78u-6(b)(1).

6 The number of individuals awarded includes each joint whistleblower awarded. If the Commission issues awards
to a single whistleblower in two or more Final Orders, those awards are counted separately for the purposes of
determining the number of individuals awarded.

Claims for Awards

In FY 2025, the Commission granted awards in 31 Covered Actions.7 The types of cases
in which awards were granted include the following noteworthy ones:

• Whistleblower’s information helped stop ongoing fraud and lessen loss of investor
funds. A whistleblower was awarded approximately $2 million after providing
information to the Commission that caused the opening of the Commission’s
investigation and alerted staff to potential ongoing investment fraud. The whistleblower
provided timely cooperation and assistance to staff in this matter.8

• Whistleblowers worked together to expose misrepresentations. Joint whistleblowers
collaborated to bring to light their employer’s misrepresentations concerning an
investment project. The whistleblowers received an award totaling more than $4.5
million.9

• Joint Whistleblowers share approximately $12 million award. Joint whistleblowers
provided significant information and extensive ongoing assistance that contributed to an
expansion of the scope of the investigation and the charges in the Covered Action.
Notably, the whistleblowers met with Enforcement staff on numerous occasions and staff
relied heavily on the whistleblowers’ leads and assistance during the course of the
investigation. Certain of the joint whistleblowers suffered hardships as a result of their
reporting.10

• Whistleblower’s information substantially advanced an ongoing investigation,
saving considerable agency resources. A whistleblower provided information in an
ongoing investigation that helped Commission staff understand complicated transactions
and relationships involving numerous entities, identified key witnesses and documents,
assisted staff in preparing subpoenas and developing targeted requests and saved

7 Generally, OWB posts Notices of Covered Action for each SEC action where a final judgment or order, by itself or
together with other prior judgments or orders in the same action issued after July 21, 2010, results in monetary
sanctions exceeding $1 million. See Exchange Act Rule 21F-10(a). The Commission may order an award in more
than one Covered Action as part of a single Final Order.

8 Order Determining Whistleblower Award, Exchange Act Release No. 101721, File No. 2025-7 (Nov. 25, 2024),
https://www.sec.gov/files/rules/other/2024/34-101721.pdf.

9 Order Determining Whistleblower Award, Exchange Act Release No. 103808, File No. 2025-45 (Aug. 28, 2025),
https://www.sec.gov/files/rules/other/2025/34-103808.pdf.

10 Order Determining Whistleblower Award, Exchange Act Release No. 101299, File No. 2025-3 (Oct. 10, 2024),
https://www.sec.gov/files/rules/other/2024/34-101299.pdf.

https://www.sec.gov/files/rules/other/2024/34-101721.pdf
https://www.sec.gov/files/rules/other/2025/34-103808.pdf
https://www.sec.gov/files/rules/other/2024/34-101299.pdf

significant staff time. Because there were no collections at the time of the final order, no
award payment was issued.11

Frivolous Whistleblower Award Claim Submissions

The Commission barred five claimants from participation in the Program in FY
2025.12 The Commission has the authority to permanently bar an individual from
participation in the Program if he or she submits three or more award claims that the
Commission finds to be frivolous or lacking a colorable connection between the claimants’
tips and the Covered Actions for which the claimants sought awards. Frivolous claims drain
resources and slow down the review process for potentially meritorious claims.

Increased Efficiencies

In FY 2025, the Program utilized numerous tools to increase efficiencies in the claims
review process. For example, the Program issued 198 Preliminary Summary Dispositions in
FY 2025. The Program also made 114 Preliminary Determinations recommending denials
and the Commission issued Final Orders denying awards to 275 individuals.

Reasons for Award Denials

While all award claims are judged based on their individual facts and circumstances, a
variety of reasons exist for the Commission to deny an award claim. For example, the
Commission will deny an award claim for lack of voluntariness if the information was submitted
after the award claimant received a request, inquiry or demand that relates to the subject matter
of the claimant’s submission from the Commission or another enumerated entity.13 Additionally,
the Commission will deny an award claim if a claimant’s submission does not contain original
information, including if the information in the claimant’s submission was not derived from the
claimant’s independent knowledge or independent analysis.14 Also, the Commission will deny
an award claim if the claimant’s information did not lead to the successful Covered Action in
which the claimant is applying for an award15 – in particular, in instances when the claimant’s

11 Order Determining Whistleblower Award, Exchange Act Release No. 104143, File No. 2025-60 (Sept. 30, 2025),
https://www.sec.gov/files/rules/other/2025/34-104143.pdf.

12 Order Determining Whistleblower Award, Exchange Act Release No. 101506, File No. 2025-6 (Nov. 4, 2024),
https://www.sec.gov/files/rules/other/2024/34-101506.pdf; Order Determining Whistleblower Award, Exchange Act
Release No. 102206, File No. 2025-14 (Jan. 16, 2025), https://www.sec.gov/files/rules/other/2025/34-102206.pdf;
Order Determining Whistleblower Award, OWB Ref. No. 09092025A (Sept. 9, 2025),
https://www.sec.gov/files/denial-order-9925a.pdf; Order Determining Whistleblower Award, OWB Ref. No.
09092025B (Sept. 9, 2025), https://www.sec.gov/files/denial-order-9925.pdf; Order Determining Whistleblower
Award, Exchange Act Release No. 104141, File No. 2025-59 (Sept. 30, 2025),
https://www.sec.gov/files/rules/other/2025/34-104141.pdf.

13 Rules 21F-3(a)(1) and 4(a).

14 Rules 21F-3(a)(2) and 4(b).

15 Rules 21F-3(a)(3) and 4(c)(1).

https://www.sec.gov/files/rules/other/2025/34-104143.pdf
https://www.sec.gov/files/rules/other/2024/34-101506.pdf
https://www.sec.gov/files/rules/other/2025/34-102206.pdf
https://www.sec.gov/files/denial-order-9925a.pdf
https://www.sec.gov/files/denial-order-9925.pdf
https://www.sec.gov/files/rules/other/2025/34-104141.pdf

information was never provided to Enforcement staff and/or the staff did not use the claimant’s
information in the underlying Covered Action. Finally, the Commission will deny an award
claimant when a claimant does not submit his/her original information to the Commission, as
required by Dodd-Frank.16

Whistleblower Tips

In FY 2025, the Commission received approximately 27,000 whistleblower tips. The
most common complaint categories reported by whistleblowers were Manipulation (28%),
Offering Fraud (27%), Corporate Disclosures and Financials (11%), and Cryptocurrencies and
Crypto Asset Securities (7%).17 While the majority of these tips originated domestically, the
Commission continued to receive tips from all over the world. In FY 2025, outside the United
States, the countries from which the highest number of tips originated were Canada, the United
Kingdom, Italy, Germany, and China. Approximately 12,000 of the FY 2025 tips were
attributable to two individuals.18

Determining Award Percentages

The Whistleblower Rule Amendments that became effective in December 2020 created a
presumption of a maximum 30% award in circumstances where the Commission does not
reasonably anticipate that a maximum award would exceed $5 million, the claimant’s application
presents no negative factors under Rule 21F-6(b) (i.e., culpability, unreasonable reporting delay,
or interference with an internal compliance and reporting system), and the award claim does not
trigger Rule 21F-16 (concerning awards to whistleblowers who engage in culpable conduct).19
The presumption may be overcome if the whistleblower provided limited assistance or if a

16 See, e.g., Order Determining Whistleblower Award, Exchange Act Release No. 102987, File No. 2025-27 (May 5,
2025), https://www.sec.gov/files/rules/other/2025/34-102987.pdf; Order Determining Whistleblower Award,
Exchange Act Release No. 102232, File No. 2025-15 (Jan. 17, 2025), https://www.sec.gov/files/rules/other/2025/34-
102232.pdf; Order Determining Whistleblower Award, Exchange Act Release No. 104136, File No. 2025-55 (Sept.
29, 2025), https://www.sec.gov/files/rules/other/2025/34-104136.pdf; Order Determining Whistleblower Award,
Exchange Act Release No. 104137, File No. 2025-56 (Sept. 30, 2025),
https://www.sec.gov/files/rules/other/2025/34-104137.pdf.

17 This breakdown reflects the categories selected by whistleblowers and, thus, the data represents the
whistleblower’s own characterization of the violation category.

18 The same two individuals were responsible for over 14,000 tips in FY 2024.

19 Additionally, if the presumption is not applicable, the Commission cannot consider the dollar amount of a
potential award for the purpose of decreasing the award percentage. For a more detailed overview of the award
process, please see OWB’s annual reports for FY 2021 and FY 2024, which are available on OWB’s website at
https://www.sec.gov/whistleblower/resources.

https://www.sec.gov/files/rules/other/2025/34-102987.pdf
https://www.sec.gov/files/rules/other/2025/34-102232.pdf
https://www.sec.gov/files/rules/other/2025/34-102232.pdf
https://www.sec.gov/files/rules/other/2025/34-104136.pdf
https://www.sec.gov/files/rules/other/2025/34-104137.pdf
https://www.sec.gov/whistleblower/resources

maximum award would be inconsistent with the public interest, the promotion of investor
protection, or the objectives of the Program.20

If the presumption of a maximum award is not applicable, the Commission determines
the appropriate award percentage based on the factors in Exchange Act Rules 21F-6(a) and (b).
The Commission also considers these factors when apportioning an award between multiple
meritorious claimants, including if the maximum-award presumption applies.

• Factors that May Increase an Award

o Significance of the information. This factor is a critical driver of the award
percentage and, in certain circumstances, could be the most important factor when
apportioning award amounts between two or more meritorious whistleblowers, as
the Commission often focuses on the relative significance (and timing) of the
whistleblowers’ submissions.

o Assistance provided by the whistleblower. Whistleblower assistance may come
at any stage of an investigation and may include helping staff decipher complex
transactions, identifying key witnesses, documents, or other sources of
information, and communicating with staff and certain other authorities when
appropriate. Whistleblowers may also assist during the litigation phase of an
enforcement action.

o Law enforcement interest. The law enforcement interest may be high when the
whistleblower provides information about ongoing violations that are harming
investors, such as misappropriation of investor funds. The law enforcement
interest may also be high for securities violations with elements occurring abroad,
which may make it more difficult for Commission staff to detect or to gather
evidence about without a whistleblower’s cooperation.

o Participation in internal compliance or reporting systems. While claimants
are not required to report internally, their award percentage may be increased if
they do so.

• Factors that May Decrease an Award

o Unreasonable reporting delay. The Commission will assess whether the
whistleblower unreasonably delayed reporting the securities violations.21 In FY
2025, the Commission reduced eight awards for an unreasonable delay in
reporting. The Commission continues to emphasize the importance of timely
reporting, which allows the Commission to act quickly to protect investors, to

20 Rule 21F-6(c).

21 Rule 21F-6(b)(2).

gather evidence before it becomes harder to access, and to bring claims for relief
before they are time-barred.

o Culpability. The Commission will assess the culpability or involvement of the
whistleblower in matters associated with the Commission’s action or related
actions.22 The Commission reduced four awards in FY 2025 due to the
whistleblower’s participation in or financial benefit from the underlying
misconduct.

o Interference with internal reporting systems. The Commission will assess, in
cases where the whistleblower interacted with his or her entity’s internal
compliance or reporting system, whether the whistleblower undermined the
integrity of such system.23 No award was reduced in FY 2025 on account of a
claimant’s interference with internal reporting systems.

Investor Protection Fund

Dodd-Frank established the Investor Protection Fund (Fund).24 As required by statute, all
award payments are made out of the Fund, which is financed entirely through monetary
sanctions paid to the SEC by securities law violators.25 As permitted by statute, the Fund also is
used to finance certain activities of the SEC’s Office of Inspector General.26

Section 21F(g)(5) of the Exchange Act requires certain Fund information to be reported
to Congress on an annual basis. Below is a chart containing Fund-related information for FY
2025.

FY 2025

Balance of Fund at beginning of fiscal year $361,813,819.56

Unavailable amounts from FY 2024 available during fiscal year27 $28,554,863.00

22 Rule 21F-6(b)(1).

23 Rule 21F-6(b)(3).

24 Section 21F(g)(2)(A) of the Exchange Act, 15 U.S.C. § 78u-6(g)(2)(A).

25 15 U.S.C. § 78u-6(b)(1).

26 Section 21F(g)(2)(B) of the Exchange Act, 15 U.S.C. § 78u-6(g)(2)(B), provides that the Fund shall be available
to the Commission for “funding the activities of the Inspector General of the Commission under section 4(i).”

27 Amounts relate to available resources temporarily reduced during the fiscal year as a result of the Budget Control
Act of 2011. These amounts become available at the beginning of the following fiscal year.

Amounts deposited into or credited to Fund during fiscal year ($746,199.02)

Amount of interest receipts from investments during fiscal year $16,191,895.88

Amount of receipts during the fiscal year that are unavailable28 ($21,961,506.00)

Amounts paid from Fund during fiscal year to whistleblowers ($170,221,335.88)

Amounts estimated to be paid from Fund during fiscal year to
whistleblowers29 $104,916,973.96

Amount disbursed to Office of the Inspector General during fiscal year ($7,833.00)

Balance of Fund at end of the fiscal year $318,540,678.50

Section 21F(g)(5) of the Exchange Act also requires the Commission to provide a
complete set of audited financial statements for the Fund,30 including a balance sheet, income
statement, and cash-flow analysis. That information will be included in the Commission’s
Agency Financial Report, which will be separately submitted to Congress.

* * *

To report a potential securities law violation or for general information about the
Program, please visit OWB’s webpage at www.sec.gov/whistleblower.

28 See supra note 27.

29 The positive number in this line reflects the lower awards payable balance as of September 30, 2025, compared to
the awards payable balance at the end of FY 2024.

30 For a complete description of the mechanisms that Congress established to replenish the Fund, see Section
21F(g)(3) of the Exchange Act, 15 U.S.C. § 78-6(g)(3).

http://www.sec.gov/whistleblower

OCR text (17,633c · textlayer · 95% conf)

Securities and Exchange Commission Office of the Whistleblower

Annual Report to Congress for Fiscal Year 2025

February 11, 2026

1 5 Pub. L. No. 111-203, § 922(a), 124 Stat. 1841 (2010).

2 15 U.S.C. § 78a, et seq.

3 15 U.S.C.§ 78u-6.

4 “Related actions” is defined at 15 U.S.C. § 78u-6(a)(5) and 17 C.F.R. § 240.21F-3.

5 15 U.S.C. § 78u-6(b)(1).

Claims for Awards

In FY 2025, the Commission granted awards in 31 Covered Actions.7 The types of cases
in which awards were granted include the following noteworthy ones:

8 Order Determining Whistleblower Award, Exchange Act Release No. 101721, File No. 2025-7 (Nov. 25, 2024),
https://www.sec.gov/files/rules/other/2024/34-101721.pdf.

9 Order Determining Whistleblower Award, Exchange Act Release No. 103808, File No. 2025-45 (Aug. 28, 2025),
https://www.sec.gov/files/rules/other/2025/34-103808.pdf.

10 Order Determining Whistleblower Award, Exchange Act Release No. 101299, File No. 2025-3 (Oct. 10, 2024),
https://www.sec.gov/files/rules/other/2024/34-101299.pdf.

https://www.sec.gov/files/rules/other/2024/34-101721.pdf
https://www.sec.gov/files/rules/other/2025/34-103808.pdf
https://www.sec.gov/files/rules/other/2024/34-101299.pdf

significant staff time. Because there were no collections at the time of the final order, no
award payment was issued.11

Frivolous Whistleblower Award Claim Submissions

Increased Efficiencies

Reasons for Award Denials

11 Order Determining Whistleblower Award, Exchange Act Release No. 104143, File No. 2025-60 (Sept. 30, 2025),
https://www.sec.gov/files/rules/other/2025/34-104143.pdf.

13 Rules 21F-3(a)(1) and 4(a).

14 Rules 21F-3(a)(2) and 4(b).

15 Rules 21F-3(a)(3) and 4(c)(1).

Whistleblower Tips

Determining Award Percentages

17 This breakdown reflects the categories selected by whistleblowers and, thus, the data represents the
whistleblower’s own characterization of the violation category.

18 The same two individuals were responsible for over 14,000 tips in FY 2024.

maximum award would be inconsistent with the public interest, the promotion of investor
protection, or the objectives of the Program.20

• Factors that May Increase an Award

o Participation in internal compliance or reporting systems. While claimants
are not required to report internally, their award percentage may be increased if
they do so.

• Factors that May Decrease an Award

20 Rule 21F-6(c).

21 Rule 21F-6(b)(2).

gather evidence before it becomes harder to access, and to bring claims for relief
before they are time-barred.

Investor Protection Fund

Section 21F(g)(5) of the Exchange Act requires certain Fund information to be reported
to Congress on an annual basis. Below is a chart containing Fund-related information for FY
2025.

FY 2025

Balance of Fund at beginning of fiscal year $361,813,819.56

Unavailable amounts from FY 2024 available during fiscal year27 $28,554,863.00

22 Rule 21F-6(b)(1).

23 Rule 21F-6(b)(3).

24 Section 21F(g)(2)(A) of the Exchange Act, 15 U.S.C. § 78u-6(g)(2)(A).

25 15 U.S.C. § 78u-6(b)(1).

Amounts deposited into or credited to Fund during fiscal year ($746,199.02)

Amount of interest receipts from investments during fiscal year $16,191,895.88

Amount of receipts during the fiscal year that are unavailable28 ($21,961,506.00)

Amounts paid from Fund during fiscal year to whistleblowers ($170,221,335.88)

Amounts estimated to be paid from Fund during fiscal year to
whistleblowers29 $104,916,973.96

Amount disbursed to Office of the Inspector General during fiscal year ($7,833.00)

Balance of Fund at end of the fiscal year $318,540,678.50

* * *

To report a potential securities law violation or for general information about the
Program, please visit OWB’s webpage at www.sec.gov/whistleblower.

28 See supra note 27.

29 The positive number in this line reflects the lower awards payable balance as of September 30, 2025, compared to
the awards payable balance at the end of FY 2024.

30 For a complete description of the mechanisms that Congress established to replenish the Fund, see Section
21F(g)(3) of the Exchange Act, 15 U.S.C. § 78-6(g)(3).

http://www.sec.gov/whistleblower