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CFTC Whistleblower Program Annual Report Shows Program Open for Business, yet Challenges Persist

Posted  11/15/19
Screenshot of CFTC Whistleblower Program web page
Fifteen million dollars is how much the United States Commodity Futures Trading Commission’s (CFTC) Whistleblower Program paid whistleblowers in FY 2019 according to the agency’s annual report to Congress.  This amount includes:
  • $7 million to one individual whistleblower;
  • Over $2 million to a non-insider whistleblower who provided independent analysis of market data; and,
  • Close to $1.5 million to a...

How to Be a Whistleblower

Posted  07/19/19
How to be a whistleblower
You know about fraud, waste, abuse, or corruption by an individual or a company. Someone is getting by with cheating -- taking money from the government, taxpayers, or investors, or even harming others, such as patients. You are deeply troubled about it and want the proper authorities to stop it. You are worried whether you will be heard, taken seriously, and protected. You wonder if your information fits within a...

Catch of the Week — Merrill Lynch Commodities Inc.

Posted  06/28/19
MerrillLynchLogoOfBull
Merrill Lynch Commodities Inc (“Merrill”), a commodity trading subsidiary of Bank of America Corporation, agreed on June 25th to two $25 million settlements with both the Department of Justice (“DOJ”) and the Commodity Futures Trading Commission (“CFTC”) to resolve allegations it conducted deceptive trading practices in United States commodities markets.

DOJ Criminal Violations

This settlement resolved...

Calling all FCPA Whistleblowers — The CFTC Wants You!

Posted  06/19/19
Businessmen Holding Foreign Currency in an Envelope
If you have information on Foreign Corrupt Practices Act (FCPA) violations in the commodities or derivatives markets, the Commodity Futures Trading Commission (CFTC) wants to hear from you. The agency made this clear in a recently-issued CFTC "Whistleblower Alert" calling on all FCPA whistleblowers to step forward and report what they know. The agency even dangled the potential for monetary rewards for those...

Ted Siedle is the rare SEC whistleblower who allows us to put a face to the name.

Posted  05/24/19
Ted Siedle Whistleblower Headshot
After two years of waiting, the recipient of what was the largest whistleblower award to date under the SEC Whistleblower Program when it was first announced in 2017, was finally paid by the SEC. This week, he received his share of a $50 million reward to two whistleblowers for exposing conflicts of interest at JP Morgan that led to a $267 million fine by the SEC. Last year, the whistleblower also received $30 million...

CFTC Makes Another Whistleblower Award

Posted  05/10/19
Commodity Futures Trading Commission Logo
On Monday, the Commodity Futures Trading Commission (CFTC) announced a whistleblower award of roughly $1.5 million. It is the latest in a string of whistleblower awards from an agency that has made it very clear that after a slow start in implementing its whistleblower program it is finally open for whistleblower business. CFTC Enforcement Director James McDonald could not have been more direct on this point:...

DOJ to Corporate America — Embrace the Whistleblower

Posted  05/9/19
Hanging Folder with Compliance Tab
In a clear push to companies to tighten up their internal compliance efforts, the DOJ Criminal Division recently announced a remake of the agency's guidelines for corporate compliance programs. The document, titled "The Evaluation of Corporate Compliance Programs," updates a previous version of the guidelines and is designed to provide more insight and context into the steps DOJ expects companies to take to ensure...

The Latest on Cryptocurrency, Offshore Tax Avoidance and Money-Laundering, and Whistleblowing: A Report from OffshoreAlert Miami 2019

Posted  05/3/19
Hanging Hundred Dollar Bills on Clothes Line
“A diverse collection of the hunters and the hunted.” That’s how the Wall Street Journal described the OffshoreAlert Conference in 2009. The 2019 conference was no different, bringing together those who work in the offshore industry, the government enforcers who try to stop the unscrupulous among them, and the asset recovery professionals who pursue lost funds. Alongside them were whistleblowers and their...

CFTC Pays Whistleblower Award for Related Action Brought by Another Federal Regulator

Posted  03/14/19
financial trading numbers
On March 4, 2019, the CFTC announced an award of $2 million to an anonymous whistleblower who was not an insider, but provided “critical information through independent analysis of market data” that lead to several million in recoveries by two regulatory agencies. Moreover, as the Order makes clear, the whistleblower’s $2 million award is based not just on the CFTC’s recovery, but also on a recovery in a...

CFTC Playing Catch Up Makes Another Whistleblower Award

Posted  03/6/19
Cast metal seal of CFTC on brick wall
On Monday, the Commodity Futures Trading Commission (CFTC) announced a whistleblower award totaling more than $2 million. It is the latest in what has been a string of recent CFTC awards after a very slow start for the CFTC Whistleblower Program. Indeed, 2018 was a banner year for the program reflecting what appears to be a renewed commitment by the agency to make up for lost time and embrace the critical role...
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