Trendlines at the CFTC and SEC Whistleblower Programs
As part of the ongoing Fraud by the Numbers series, we turn to the latest annual reports from the CFTC and SEC whistleblower programs.
The CFTC’s whistleblower program had a strong year in Fiscal Year (“FY”) 2024.[1] The agency received a record 1,744 whistleblower tips, a nearly 14% increase over the previous year. Tips came from 64 different countries, demonstrating the global reach and credibility the program has built over the years. The CFTC also saw a dramatic rise in award applications, receiving 317 in FY 2024, more than double the number received just two years prior.
In terms of financial outcomes, the CFTC issued 12 orders, granting 15 whistleblower awards approximately $42 million. These awards were tied to enforcement actions where the CFTC collected approximately $162 million in monetary sanctions. Among the notable awards in FY 2024 were more than $18 million to a whistleblower who combined independent analysis with nonpublic information, $8 million to a culpable insider who cooperated, and, for the first time, a $1.25 million to a compliance officer.
Since the program began in 2014 and through FY 2024, the CFTC has issued 53 awards totaling nearly $390 million, with associated enforcement actions generating more than $3.2 billion in monetary sanctions.
The SEC’s whistleblower program also continued its upward trajectory in FY 2024. The agency received 24,980 tips,[2] surpassing the already record-breaking numbers from FY 2022 and FY 2023. The agency awarded a total of $255 million to 47 individual whistleblowers, including the fifth-largest award in the program’s history: $98 million shared between two whistleblowers. Of the whistleblowers who received awards in FY 2024, 62% were company insiders, while 38% were outsiders. As of FY 2024, the SEC has paid over $2.2 billion in awards to 444 individuals since launching the program in 2011.
The SEC also increased its efforts to protect whistleblowers from retaliation. In FY 2024, it brought 11 enforcement actions against companies and individuals that attempted to impede whistleblower communications with the Commission. One of these actions resulted in an $18 million penalty against J.P. Morgan.
The data from FY 2024 confirms the success of both programs. The programs are generating billions in enforcement actions, protecting markets and investors, and encouraging individuals to speak up in the face of wrongdoing.
While it is too early to review the FY 2025 numbers, we note that there has been a noticeable slowdown in awards. The CFTC has also only announced two awards FY 2025: $4 million to two whistleblowers on November 12, 2024, and most recently paid $700,000 to a whistleblower on May 29, 2025. The SEC published its first whistleblower award since October 10, 2024, on April 21, 2025, for $6 million to joint whistleblowers. However, according to Bloomberg Law, between April 21 and July 15, 2025, the SEC denied awards in 31 orders.
We look forward to reviewing the FY 2025 for both agencies in the coming months.
[1] The FY for CFTC and SEC is October 1, 2023, through September 30, 2024.
[2] “We note that while this was an increase in the total number of tips received from FY 2023, over 14,000 of the FY 2024 tips were attributable to two individuals.” Page 11 of the Securities and Exchange Commission Office of the Whistleblower Annual Report to Congress for Fiscal Year 2024.
This piece was written by Grace Swindler, Director of Legal Education at The Anti-Fraud Coalition.
