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...
Two whistleblowers have been jointly awarded $2 million for their significant contributions to the CFTC. In addition to coming forward and providing numerous interviews and documents, the whistleblowers also reported the violations to another agency, which conducted its own investigation and shared its findings with the CFTC. CFTC
Catch of the Week — Merrill Lynch Commodities Inc.
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.
The CFTC announced that a single whistleblower has been awarded $2.5 million. Though the award was still substantial, according to the CFTC, it had been reduced due to an unreasonable delay in reporting the violations to the CFTC. CFTC
Calling all FCPA Whistleblowers — The CFTC Wants You!
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.
After two years of waiting, the recipient of what was, when first announced, the highest SEC whistleblower award ever was finally paid. 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 $257 million fine by the SEC. Last year, the whistleblower also received $30 million from the CFTC, that agency’s largest award ever, for...
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
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 CFTC announced it awarded $1.5 million to a single whistleblower. According to the CFTC’s press release, the award related to both a CFTC action and a related action brought by another federal regulator, and, per program rules, was between 10-30% of the amount the government recovered. CFTC
The Latest on Cryptocurrency, Offshore Tax Avoidance and Money-Laundering, and Whistleblowing: A Report from OffshoreAlert Miami 2019
“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...