Whistleblower Claims Attorneys — SEC & FINRA

Written and reviewed by

Ryan Bakhtiari, Partner — Bakhtiari & Harrison

Admitted: CA | NY | TX | DC | Multiple Federal Courts · Super Lawyers 2005–2026 · Former PIABA President · Former FINRA NAMC Chairman · Last reviewed: April 2026

Bakhtiari & Harrison represents both investors and financial professionals in SEC and FINRA whistleblower claims — including whistleblower program submissions, award claims, anti-retaliation protections, and representation of individuals who have been retaliated against for reporting securities law violations. Ryan Bakhtiari served as Chairman of the FINRA National Arbitration and Mediation Committee from 2013 to 2017 and as President of PIABA, and has been a Super Lawyer every year from 2005 to 2026. Partner David Harrison is a former New York City assistant district attorney with direct experience in fraud investigations. Financial professional cases are handled on a flat fee or hourly basis. Initial consultations are free.

SEC Whistleblower Program

The SEC Whistleblower Program, established under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, provides financial rewards and legal protections to individuals who provide original information about securities law violations that leads to successful SEC enforcement actions resulting in sanctions exceeding $1 million.

Who can submit a whistleblower tip?

Any individual — current or former employee, investor, industry professional, accountant, attorney, or member of the public — who has original information about a potential securities law violation may submit a tip to the SEC. The information must be original (not previously known to the SEC), must be based on personal knowledge or independent analysis, and must be submitted voluntarily rather than in response to a legal obligation.

Whistleblower claims awards — how much can you receive?

When an SEC whistleblower claims submission leads to a successful enforcement action resulting in sanctions exceeding $1 million, the whistleblower is entitled to an award of between 10% and 30% of the total sanctions collected. The SEC has paid billions of dollars in whistleblower awards since the program’s inception. The largest individual awards have exceeded $100 million. Bakhtiari & Harrison assists whistleblowers in structuring submissions to maximize the likelihood of an award and the percentage of sanctions collected.

SEC whistleblower submission — the process

Initial evaluation. Bakhtiari & Harrison evaluates the potential whistleblower claims information to assess whether it constitutes original information about a securities law violation, whether the SEC is likely to take enforcement action, and whether the expected sanctions would exceed $1 million.
Prepare and submit the tip. The submission is made through the SEC’s online Tips, Complaints, and Referrals (TCR) system. Bakhtiari & Harrison prepares a comprehensive submission that clearly explains the violation, provides supporting documentation, and positions the whistleblower for the maximum award.
SEC investigation. The SEC investigates the submission. This process can take months or years. The whistleblower is not typically notified of the investigation’s progress.
Enforcement action. If the SEC brings an action resulting in sanctions exceeding $1 million, the whistleblower has 90 days from the publication of the Notice of Covered Action to apply for an award.
Award determination. The SEC determines the award percentage based on factors including the significance of the information, the whistleblower’s assistance, and the degree of hardship suffered.

FINRA Whistleblower Program

FINRA operates its own whistleblower program — separate from the SEC program — through which individuals can report potential violations of FINRA rules and federal securities laws by broker-dealers and registered representatives. FINRA does not currently offer monetary awards through its whistleblower program, but it provides anti-retaliation protections and uses whistleblower information to initiate regulatory investigations.

Anti-retaliation protections for whistleblowers

Both the SEC and FINRA programs provide significant anti-retaliation protections for whistleblowers. Federal law — specifically Dodd-Frank Section 922 and Sarbanes-Oxley Section 806 — prohibits employers from retaliating against employees who report potential securities violations to the SEC or participate in SEC investigations. Prohibited retaliation includes termination, demotion, suspension, harassment, and any other adverse employment action.

FINRA Rule 2010 independently prohibits retaliation against registered representatives who cooperate with FINRA investigations. When a financial professional is retaliated against for whistleblowing — through termination, demotion, or a false U5 filing — Bakhtiari & Harrison pursues both the anti-retaliation claim and any resulting U5 defamation claim simultaneously.

Representation for subjects of whistleblower complaints

Financial professionals who are the subject of a whistleblower complaint — and who receive regulatory inquiries as a result — also need experienced representation. A whistleblower complaint can trigger a FINRA Rule 8210 investigation or an SEC formal order of investigation without warning. Bakhtiari & Harrison represents financial professionals facing regulatory inquiries triggered by whistleblower submissions, providing the same regulatory defense representation described on the Regulatory Defense page.

For detail on regulatory defense when you are the subject of an investigation, visit the Regulatory Defense page.

Frequently asked questions — whistleblower claims

Can I submit a whistleblower tip anonymously?

Yes. The SEC Whistleblower Program allows anonymous submissions when made through an attorney. Bakhtiari & Harrison submits tips on behalf of anonymous clients, maintaining confidentiality while preserving the client’s eligibility for an award. To receive an award, the anonymous whistleblower must eventually reveal their identity to the SEC — but this can be done after the enforcement action is completed. Whistleblower Claims

Will my employer know I submitted a whistleblower tip?

If you submit anonymously through counsel, your employer will not be notified of your identity by the SEC. However, the content of your tip may reveal your identity if you have unique access to the information you provide. Bakhtiari & Harrison evaluates the identification risk of each submission before filing.

I was fired after reporting misconduct internally — do I have a whistleblower retaliation claim?

Possibly. Internal reporting of securities law violations may be protected under Dodd-Frank and Sarbanes-Oxley even without a formal SEC submission, depending on the circumstances. The law in this area has evolved significantly since Dodd-Frank’s enactment. Bakhtiari & Harrison evaluates whistleblower retaliation claims regardless of whether a formal SEC whistleblower claims submission was made.

How long do I have to apply for a whistleblower claims award after an SEC enforcement action?

You have 90 days from the date FINRA publishes the Notice of Covered Action on its website to file an award application. Missing this deadline permanently forecloses the award. Bakhtiari & Harrison monitors covered action notices for clients with pending submissions.

For a full overview of the firm’s financial professional representation practice, visit the Registered Persons page.

Contact a whistleblower attorney — free consultation

Contact Bakhtiari & Harrison for a free, confidential consultation. Our FINRA attorneys review every potential whistelblower claims matter at no charge. Financial professional cases are handled on a flat fee or hourly basis. Some whisteblower claims cases are eligible for contingent fee representation.

Financial professional cases are handled on a flat fee or hourly basis. Initial consultations are free.

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