Where a report can go
The SEC accepts tips, complaints, and referrals through an online system, and it is the main federal agency for fraud involving publicly traded stock. Problems with a brokerage firm or an individual broker can also be reported to FINRA, and state securities regulators, including the investor protection staff of the New York Attorney General, take complaints as well. Which channel fits depends on what you saw, who was involved, and whether you are an investor who lost money or an insider with information. A report to a regulator does not by itself return money to you; recovery usually requires a separate claim. Reporting stock fraud and pursuing your own losses are two different projects, and it helps to know which one you are starting.
Reporting from inside a company
Employees often hold the most useful information and have the most to lose. Federal law offers whistleblower awards in some SEC matters and protects many employees from retaliation, but eligibility for an award and the scope of protection both depend on how and when the information is provided, so the order of steps matters. You can submit a tip anonymously, but if you want to stay anonymous and remain eligible for an award, the tip generally has to be filed through a lawyer. Hold on to your own messages and records, and ask a lawyer before copying company documents, because confidentiality agreements and privilege issues can complicate otherwise valuable information. Avoid discussing your plans with coworkers.
What we sort out with you first
We start by separating what you observed directly from what you heard or inferred, because regulators give firsthand detail considerable weight. We look at whether you are an investor, an employee, an outside professional, or someone with no relationship to the company, since each has different protections and risks. If you may have taken part in the conduct yourself, that changes the conversation, and it is worth addressing before anything is filed. We also talk through timing, including whether you have already raised the issue internally and how that may affect your options. The goal is a report that is accurate, credible, and made in a way that protects you.
