What does it mean to provide “original information” as an SEC whistleblower?

Original information must meet three criteria. It must be (1) derived from a whistleblower’s independent knowledge or analysis; (2) not already known to the SEC from another source; and (3) not exclusively derived from a judicial or administrative hearing, a government report, or the news media.

If information has already been submitted to the government (through another whistleblower) or is available to the public (through media reporting), it will generally not qualify as original information. The narrow exception to that rule is where the whistleblower was the “original source” who initially disclosed the information.

SEC regulations define “independent knowledge” as information that is known to a whistleblower but not already publicly known. It can be based on the whistleblowers experiences, communications, or personal observations.

Similarly, regulations define “independent analysis” as examination of publicly available data or materials that reveals information not already in the public domain. For example, in the 2000s, analysis of public information about Bernard Madoff’s securities trading and purported returns led a whistleblower to report that Madoff was engaged in fraud, although the SEC famously did not pursue an enforcement action in response to that report.

Original information can also include new and undisclosed information about previously reported events. For example, where a whistleblower identifies a formerly unknown participant in an already-disclosed fraud, that information may be “original information” capable of supporting a whistleblower award.

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