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CFTC Whistleblower Reward Program

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CFTC Sets Sights on Binary Options Fraud

Posted  09/17/20
By Sarah “Poppy” Alexander
commodity futures trading commission logo
The CFTC continues its hot streak, aggressively pursuing fraudsters and rewarding whistleblowers who come forward with valuable information.  One particular enforcement trend stands out: a number of high-profile settlements related to illegal binary options trading platforms. Binary options are the OTB of the stock market—a method of gambling whether particular stocks will go up or down without actually...

September 11, 2020

Two whistleblowers who made specific, credible, and timely reports to the CFTC of an ongoing fraud have been awarded an undisclosed sum.  The first whistleblower, based in the U.S., made the first report and provided information and documents that would have otherwise been difficult to obtain.  The second whistleblower, based abroad, provided additional information, including the wrongdoers’ attempts to avoid detection.  According to the CFTC, the whistleblowers’ joint efforts helped lead to a successful enforcement action.  CFTC

September 4, 2020

An anonymous individual received a whistleblower reward in an unspecified amount, after providing information that caused the CFTC to open an investigation into ongoing fraudulent activity affecting individual investors.  The whistleblower provided assistance and documentation, enabling the Commission to act quickly to stop fraud that would have been difficult to detect without the whistleblower's information. CFTC

Catch of the Week: Interactive Brokers Pays $38 Million for Failures in Money-Laundering and Supervision

Posted  08/14/20
Computer screen with graphs
Brokerage firm Interactive Brokers LLC will pay $38 million in penalties to settle charges from multiple U.S. market regulators regarding its anti-money laundering practices, including alleged failures to file suspicious activity reports (SARs).  The discount broker has paid an $11.5 million penalty to settle charges with the Securities and Exchange Commission over the deficiencies in its internal controls that...

CFTC Whistleblower Hot Streak Continues with $9 Million Award

Posted  07/28/20
a silver whistle on top of a stack of cash
This week, the Commodity Futures Trading Commission (CFTC) announced a new whistleblower award of approximately $9 million, one of the five largest awards ever paid by the agency. It is the latest in a wave of awards—four over the last three months, all over $1 million—demonstrating the CFTC’s strong commitment to its whistleblowers. These awards make good on CFTC Enforcement Director James McDonald’s...

July 21, 2020

Two unidentified whistleblowers will share a whistleblower reward totaling $1 million.  While the underlying enforcement action is not identified, the CFTC disclosed that information from the first whistleblower caused it to open an investigation, and information from the second whistleblower, who participated in the underlying scheme, significantly contributed to the investigation.  CFTC

June 9, 2020

An unnamed whistleblower has been awarded $6 million for providing what the CFTC called specific, credible, and timely information that ultimately led to a successful enforcement action.  Since the agency’s whistleblower program was started in 2014, the CFTC has recovered nearly $900 million through whistleblower tips, and has awarded over $110 million to the whistleblowers involved with those recoveries.  CFTC
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