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SEC and CFTC Whistleblower Actions

The Dodd-Frank Act of 2010 established programs for individual whistleblowers to report violations of federal securities laws to the Securities and Exchange Commission (SEC) and violations of the Commodity Exchange Act to the Commodity Futures Trading Commission (CFTC). Unlike qui tam lawsuits under the False Claims Act, whistleblowers may not bring private lawsuits on behalf of the SEC or CFTC. Instead, under both programs, whistleblowers who provide original information that leads the agency to bring an enforcement action yielding over $1 million in monetary sanctions may receive between 10 to 30 percent of the amount recovered. Both programs permit whistleblowers to submit tips anonymously. Both programs also contain provisions prohibiting employers from retaliating against employees who blow the whistle to the SEC or CFTC. Murphy Anderson has expertise in preparing the Tips, Complaints, and Referrals (TCR) form required by the SEC Office of the Whistleblower, along with a comprehensive package including narrative disclosures and other evidence.