Homefor Investorsfor Industry
Before You InvestComplaintsInvestor EducationAlerts & Announcements
Whistleblower Referrals For more information
  call the Division at (801) 530-6600
FAQs About Whistleblower Referrals
Will I receive a Reporter Award ?
Utah law provides an incentive program for victims of securities fraud or other persons who voluntarily provide the Division of Securities with material information that leads to a successful enforcement action. Specific conditions which apply to the consideration of the award, including the entire "Securities Fraud Reporting Act", can be found at http://le.utah.gov/xcode/Title61/Chapter1/61-1.html
Have any awards been approved by the Securities Commission?
Utah issued its first whistleblower award in 2014 to an investment adviser who tipped off state officials to questionable transactions he had seen when analyzing an elderly client's holdings. Utah officials followed up by bringing a securities fraud case and recovering the money. The whistleblower received $15,000. More about this case can be viewed on the Division's online database at http://securities.utah.gov/dockets/CR0052001.pdf
Do other states have a Whistleblower Program ?
In 2016, Utah was one of two states with a whistleblower program aimed at identifying securities law violations. Under Utah's Whistleblower program, know as the "Securities Fraud Reporting Program Act", people providing original information leading to the successful enforcement or a covered judicial or administrative action and the collection of at least $50,000 from a violator, can receive up to 30 percent of those proceeds as an award.
How is the award determined ?
The amount of any award will be determined by the Securities Commission based on the significance of the original information, the degree of assistance provided by the reporter and other factors outlined in the Securities Fraud Reporting Program Act. No consideration will be given for an award until after an enforcement action has been successfully completed and a monetary sanction in excess of $50,000 has been collected.
Are there time limits for reporting ?
To be eligible for the Whistleblower Referral Award, the fraudulent conduct in question must have occurred after May 10, 2011. Contact the Division of Securities for more information.
How does the investigative process work?
The Division Director reviews all complaints and whistleblower referrals submitted to the Division and assigns cases to Division Staff members.  Investigators and Examiners interview investors and other witnesses, review documents, and analyze bank and/or trading records in order to identify potential violations of securities laws.  Upon discovering a violation, the Division may bring a civil or administrative action, or refer the investigation for criminal prosecution.
If I file a complaint or whistleblower referral, will the offender be sent to jail/prison?
Possibly.  First, the Division and a federal, state, or county prosecutor must decide whether to file criminal charges.  If criminal charges are filed, the matter proceeds through the court system, which may lead to a conviction.  If convicted, a judge determines sentencing, which may include jail or prison.

If you believe you have information regarding securities fraud or other violations of the Utah Securities Laws, you may file a Whistleblower Referral Form with the Utah Division of Securities. If you choose to file the form anonymously, you must provide the contact information for your legal counsel in order to be eligible for a Reporter Award.

A complaint can be submitted by mail, fax, or e-mail.  If you have any questions about filing this form or need a referral form sent to you, please contact the Division by calling 801-530-6600 or email your questions to securities@utah.gov.

Download the Whistleblower Referral Form >>