2019 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,...
The CFTC will pay a $1 million award to an anonymous whistleblower. The CFTC stated that the whistleblower first provided the information through their employer's internal compliance program to another regulator, and subsequently provided the information directly to the CFTC. Furthermore, the CFTC stated that the whistleblower was eligible for the award even though they did not identify the exact wrongdoing ultimately charged by the CFTC, because the whistleblower's information led the CFTC directly to evidence in support of the CFTC's claims. CFTC
CFTC Whistleblower Program Annual Report Shows Program Open for Business, yet Challenges Persist
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,
An undisclosed anonymous whistleblower who reported violations of the Commodity Exchange Act under the CFTC Whistleblower Reward Program has been awarded $7 million by the CFTC. The nature of the underlying CFTC investigation was not reported. CFTC
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...