On November 9, 2011, the SEC released its enforcement statistics for fiscal year 2011, which ended on September 30. The SEC filed a total of 735 enforcement actions in 2011, which is a single-year record. While insider trading cases have recently received a lot of media coverage, the number of such cases filed in 2011 by the SEC increased only 8% over the prior year. This statistic reflects only civil actions, however, because the SEC does not have authority to bring criminal prosecutions. Other categories of actions showed larger increases in 2011. The number of enforcement actions related to broker-dealers increased 60% over fiscal year 2010. The number of new cases related to investment advisers and investment companies also increased substantially in 2011, as evidenced by a 30% increase over the preceding year and a record for a single year.


On November 15, 2011, the SEC released a report on its new whistleblower program. Under the Dodd-Frank Act, the SEC was required to implement a whistleblower program that will make monetary awards to eligible individuals who provide original information that leads to successful SEC enforcement actions resulting in monetary sanctions exceeding $1 million. The new program went into effect on August 12, 2011. According to the SEC's report, the agency received 334 whistleblower tips during the first seven weeks that the program was operational. The most common complaint categories were market manipulation, corporate disclosures and financial statements, and offering fraud. Ten percent of the tips came from foreign countries, with China and the United Kingdom leading the way. Domestically, California, New York, Florida and Texas accounted for the largest number of tips.