The United States Securities and Exchange Commission Whistleblower Program: A Long and Winding Road

Abstract

As a lawyer, I have represented or conferred with dozens of individuals who have wanted to become whistleblowers under the US Securities and Exchange Commission’s Whistleblower Program and have represented clients who have received awards. In this chapter, I describe the process of being a whistleblower under this Program from the inside out, including advice on how to decide if one has a viable case which can qualify under the myriad of unforgiving and dense thicket of rules that the SEC carefully crafted to govern the program. The opportunities to fail in this process are many, the time periods can be quite long (into the years) and the process from the whistleblower’s perspective can be very frustrating. On the other hand, the prospect that your information can bring down the awesome power and expertise of the SEC on your target after providing the initial information and otherwise qualifying as a whistleblower, can be downright thrilling, and supremely satisfying as you see the “bad guys” getting their due. By describing my practice and cases, if even in a somewhat generic outline, I can give some guidance to readers who may be considering what will become one of the most important decisions of their lives—to “tell truth to power” and become a whistleblower in aid of the U.S. government’s worldwide enforcement of its powerful securities laws.