Archive

CFTC’s Largest-Ever Whistleblower Award Edges out SEC and IRS Awards and Acts as a Calling Card for the CFTC Whistleblower Reward Program Globally

As we’ve reported in two recent blog posts, the Commodity Futures Trading Commission’s recent award of $200 million to a whistleblower announced on October 21 is certainly the largest the CFTC has ever made, but also the largest award made under any federal whistleblower-reward program to a single whistleblower, including the False Claims Act.  To appreciate the significance of this award, we wanted to give it...

CFTC Whistleblower Program 2021 Annual Report Shows Continuing Strength of Program as it Manages Challenging Year

The Commodity Futures Trading Commission issued its required annual report to Congress covering the CFTC Whistleblower Reward Program.  The report details the successes of the program over the 2021 fiscal year.  Created by the Dodd-Frank Act, the CFTC Whistleblower Program pays awards to eligible whistleblowers who voluntarily provide the Commission with original information, about matters within the CFTC’s...

Largest-Ever Whistleblower Award Nets CFTC Tipster Almost $200 Million

On October 21, the Commodity Futures Trading Commission (CFTC) announced that it paid nearly $200 million to a whistleblower, a colossal award that is certainly the largest the CFTC has ever made, but also the largest award made under any federal whistleblower-reward program to a single whistleblower, including the False Claims Act. The CFTC said the whistleblower's tip provided important, "direct evidence of...

CFTC Whistleblower Program Faces Challenges of its Success: What Whistleblowers Should Know

In May, 2021, the Wall Street Journal reported (paywall) on “turmoil” in the CFTC Whistleblower Program. According to the article, the CFTC has under consideration a whistleblower award based on a claim by a whistleblower in the 2015 $2.5 billion Deutsche Bank LIBOR manipulation settlement.  Given the size of the Deutsche Bank settlement, the potential whistleblower award is substantial: the Journal reports that...

CFTC: Looking for a Few Good Whistleblowers

When it comes to their respective whistleblower programs, the Commodity Futures Trading Commission (CFTC) does not get the same respect or attention the Securities and Exchange Commission (SEC) does.  That is largely because the SEC Whistleblower Program has been an unparalleled success, with whistleblower awards being made (and highly promoted) virtually every week or two.  Last year was a record-breaking year for...

Partner Mary Inman joins Shaifali Joshi-Clark of the Ontario Securities Commission’s Whistleblower Office to discuss the OSC’s whistleblower reward program at Whistleblowing Canada Research Society event “The Expansion of Whistleblower Reward Programs in the U.S., Canada and Globally.”

On March 17, 2021, Constantine Cannon whistleblower partner Mary Inman joined Shaifali Joshi-Clark, a senior forensic accountant in the Whistleblower Office of the Ontario Securities Commission (“OSC”), as a co-panellist for a webinar entitled “The Expansion of Whistleblower Reward Programs in the U.S., Canada and Globally,” organised by Whistleblowing Canada Research Society (“WCRS”) and moderated by...

Watch Now: Eric Havian Joins OffshoreAlert Panel with SEC, CFTC, and IRS Whistleblower Officials on Rewards for Domestic and Foreign Whistleblowers

For the third year in a row, Constantine Cannon partner Eric Havian participated in OffshoreAlert’s annual conference, vGlobal, speaking on a panel with senior leaders of the whistleblower programs at the SEC, CFTC, and IRS.  The panel, which you can watch below, “Rewarding Domestic & Foreign Whistleblowers: The Growth & Spreading Reach of U.S. Programs,” addressed the international reach of the U.S....

Top Ten Whistleblower Awards for 2020

2020 was another strong year for whistleblowers, who once again collectively recovered billions of dollars for the government and hundreds of millions of dollars in whistleblower rewards through their filing of lawsuits under the qui tam provisions of the False Claims Act.  Whistleblowers this past year also continued to secure financial rewards under the Dodd-Frank SEC Whistleblower and CFTC Whistleblower programs,...

Top Ten SEC and CFTC Recoveries of 2020

Despite its many shortcomings, 2020 did bring great news for whistleblowers: record-breaking growth in the CFTC and SEC Whistleblower Programs, as well as massive enforcement actions by both agencies.  In this post, we will detail the Top Ten SEC and CFTC recoveries of 2020 in cases other than FCPA enforcement.  As detailed below, the SEC netted billions of dollars in penalties and restitution from companies accused...

Catch of the Week: Vitol to Pay $163 Million to Settle Criminal and Civil Charges Related to Oil Bidding in Brazil, Mexico, and Ecuador

This week’s Catch of the Week highlights the participation of the Commodity Futures Trading Commission (CFTC) in the settlement of an international bribery and kickback scandal involving Vitol Inc., a member of the Vitol Group, the world’s largest privately owned oil and gas trading firm.  As part of the settlement, Vitol will pay $90 million in fines to the DOJ, $45 million to Brazilian authorities, and at least...