How do I file an SEC complaint?

Choosing the right form

The SEC's Submit a Tip or Complaint page sorts complaints into four tracks: possible securities-law violations such as fraud, unregistered offerings, Ponzi or pyramid schemes, insider trading, or market manipulation go through Report Possible Securities Law Violations; a dispute over an investment account or the conduct of a broker, adviser, or firm goes through Report a Problem with an Investment Account or Financial Professional; a concern about the SEC's own conduct or a self-regulatory organization like a stock exchange or FINRA goes to Report a Problem with the SEC or a Self-Regulatory Organization; and a problem with a specific SEC employee goes to Report a Problem with an SEC Employee. Picking the wrong track just means the SEC redirects or reroutes the submission, but starting in the right place gets it to investigative staff faster. Separately, concerns about SEC rulemaking, compliance policy, or an SRO's regulatory role can also go to the SEC Ombuds, and employment-discrimination allegations against certain private employers belong with the EEOC or a state fair-employment agency rather than the SEC, according to the Tips and Complaints Resources page.

Reporting suspected fraud or a securities-law violation (the TCR system)

Anyone — whistleblower or not — can use the online Tips, Complaints, and Referrals form described at Report Suspected Securities Fraud or Wrongdoing to flag fraudulent or unregistered securities offerings, Ponzi or pyramid schemes, high-yield investment programs, theft or misappropriation of funds or securities, price or volume manipulation, insider trading, false or misleading company statements, failures to file required SEC reports, bribery of foreign officials, or fraud involving municipal securities or public pension plans. The form itself is reached by first passing through the TCR disclaimer page and then completing the online tip and complaint form; a successful submission generates a confirmation and a submission number, per Welcome to Tips, Complaints, and Referrals. The form times out after 60 minutes of inactivity, warns five minutes before that, and expects the "Previous" and "Next" buttons rather than a browser's back button; it also rejects HTML tags, special characters like less-than or greater-than signs, and links to file-sharing services such as Google Drive or Dropbox, according to the same submission guidance. Anonymous submissions are allowed, but only if completed by an attorney who also files a Counsel Certification, and providing information is voluntary though incomplete details can limit how the SEC is able to evaluate the tip, per the same source. The SEC's Preparing a Quality TCR guide explains what makes a submission useful to investigators — specific dates, names, dollar amounts, and supporting documents rather than general suspicions.

The whistleblower option

Someone who provides original, credible information about a possible securities-law violation may qualify for the SEC's whistleblower program under the Dodd-Frank Act, which can pay awards to eligible individuals subject to specific conditions and limitations, and which carries anti-retaliation and confidentiality protections described at Welcome to Tips, Complaints, and Referrals. Choosing whistleblower status is optional and comes with its own procedural steps, including executing a Whistleblower's Declaration to be considered for an award. Full program details, eligibility rules, and how awards are calculated are covered on the Whistleblower Program page and its frequently asked questions, with additional detail on whistleblower awards and protections. Anyone unsure whether their situation fits the whistleblower track versus a standard tip can still submit through the same TCR form and address status later.

Complaints about a broker, adviser, or investment account

A problem that is really about a person's own account — an unauthorized trade, a fee dispute, a firm that will not respond, or misconduct by a specific broker or investment adviser — goes through the Investor Complaint Form, run by the SEC's Office of Investor Education and Assistance, rather than the TCR system. The office's overview at Office of Investor Education and Assistance also offers an Ask an Investment-Related Question form for people who have a question rather than a complaint, and can be reached directly at help@sec.gov or 202-551-6500, or by mail at Office of Investor Education and Assistance, U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-0213, phone (800) 732-0330, per Office Contact Information. The SEC's guidance on certain types of complaints it can assist with is worth reviewing before filing, since not every account dispute is something the SEC itself resolves directly — some disputes are better suited to FINRA arbitration or a private attorney. If money has already been sent to a suspected scam, the SEC's own guidance is to stop all further communication and stop sending money immediately, as described on Report a Problem with an Investment Account or Financial Professional, which also links to common scams to check against.

Checking an investment professional before or after filing

Before or alongside filing a complaint, it helps to confirm whether the person or firm involved is even registered. Investor.gov lets anyone search a broker's or adviser's background and disciplinary history through BrokerCheck and the Investment Adviser Public Disclosure database, per What You Can Do to Avoid Investment Fraud. Finding that someone is unregistered, or that their disciplinary record does not match what they claimed, is itself useful detail to include in a TCR or Investor Complaint Form submission.

What to expect after filing

Filing a TCR or Investor Complaint Form does not create an attorney-client relationship or guarantee that the SEC will open an investigation, take enforcement action, or recover money on the filer's behalf; the SEC evaluates submissions internally and combines them with other information before deciding what to pursue. The disclaimer and filing guidance pages linked from Tips and Complaints Resources — including Filing Guidance and Confidentiality — explain how submitted information may be used and shared with other law enforcement or regulatory authorities. Anyone reporting suspected fraud involving an employer's SNAP, unemployment, or other public-benefit program, rather than a securities transaction, is in the wrong place entirely and should instead contact that program's own fraud hotline.

The fastest way to get a complaint moving is to go directly to the matching form: Report Possible Securities Law Violations for fraud or misconduct in the market, or the Investor Complaint Form for a personal account or broker dispute — and to have dates, names, dollar amounts, and any documents ready before starting, since the online form times out after 60 minutes of inactivity.