On February 11, 2026, the Securities and Exchange Commission submitted its Annual Report to Congress, which is available from the SEC’s website. Key excerpts include:
- “In FY 2025, the Commission awarded a total of more than $60 million to 48 individual whistleblowers and 82 Preliminary Determinations were made recommending awards.”
- “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%).”
- “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).”
The Annual Report also highlighted several whistleblower awards:
- “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.”
- “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.”
- “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.”
- “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 significant staff time.”
