CFTC Whistleblower Reward Program Archives - Page 5 of 10

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

Posted 12/11/20

Screenshot of CFTC Whistleblower Program web page

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...

Tagged in: Catch of the Week, CFTC Whistleblower Reward Program, FCPA, Financial and Investment Fraud,

Record-Setting Submissions: CFTC Whistleblower Program 2020 Annual Report Documents Increasing Popularity of Program

Posted 11/5/20

Commodity Futures Trading Commission seal on building

Every year, the Commodity Futures Trading Commission is required to report to Congress about the CFTC Whistleblower Reward Program, created by the Dodd-Frank Act, which pays awards to eligible whistleblowers who voluntarily provide the Commission with original information, about matters within the CFTC’s jurisdiction, that leads to the recovery of more than $1 million in monetary sanctions. This week, the CFTC...

Tagged in: CFTC Whistleblower Reward Program, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Statistics,

JPMorgan Chase Pays nearly $1 Billion in Fines for Market Manipulation of Precious Metals and U.S. Treasuries

Posted 10/16/20

investors on computers for market trading

JPMorgan Chase & Co. agreed to pay over $955 million to settle civil and criminal charges over a scheme involving fake trades in precious metals and U.S. treasuries designed to manipulate the market in an effort to enhance the bank’s profits and cut losses. The multi-agency enforcement action was brought by the Commodity Futures Trading Commission (CFTC), the Department of Justice (DOJ) and the Securities and...

Tagged in: CFTC Whistleblower Reward Program, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, International Whistleblowers, Market Manipulation and Trading Violations, SEC Whistleblower Reward Program, Whistleblower Rewards,

September 29, 2020

The CFTC has awarded a whistleblower approximately $250,000 for providing significant information that led to an investigation. Although the whistleblower also provided substantial assistance during the investigation, the award was reduced because the whistleblower did not report the violations in a timely manner. CFTC

Tagged in: Anonymity, CFTC Whistleblower Reward Program, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Whistleblower Rewards,

CFTC Sets Sights on Binary Options Fraud

Posted 09/17/20

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...

Tagged in: CFTC Whistleblower Reward Program, Fraud in CFTC-Regulated Markets, Market Manipulation and Trading Violations, Whistleblower Rewards,

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

Tagged in: Anonymity, CFTC Whistleblower Reward Program, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, International Whistleblowers, Whistleblower Rewards,

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

Tagged in: CFTC Whistleblower Reward Program, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Whistleblower Case, Whistleblower Rewards,

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

Posted 08/14/20

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...

Tagged in: Catch of the Week, CFTC Whistleblower Reward Program, Financial and Investment Fraud, Financial Institution Fraud, Importance of Whistleblowers, Money Laundering, Regulatory Violations, SEC Whistleblower Reward Program,

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...

Tagged in: CFTC Whistleblower Reward Program, FCPA, Importance of Whistleblowers, Whistleblower Protection Laws, Whistleblower Rewards,

July 27, 2020

The CFTC has awarded approximately $9 million—one of the largest awards ever in the history of its whistleblower program—to an unnamed whistleblower. Because of the whistleblower’s timely tip, the CFTC was able to open an investigation that led to a successful enforcement action. CFTC

Tagged in: CFTC Whistleblower Reward Program, Fraud in CFTC-Regulated Markets, Whistleblower Case, Whistleblower Rewards,

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