CFTC Anoints New Whistleblower Chief
Yesterday (February 15), the Commodity Futures Trading Commission (CFTC) named Brian Young as the new director of the CFTC’s Whistleblower Office. In doing so, the agency officially filled the vacancy left when former director Chris Ehrman stepped down in July.
Mr. Young has big shoes to fill as under Director Ehrman’s tenure, the CFTC saw tremendous growth in its Whistleblower Program, which provides sizable awards to whistleblowers who bring information leading to a successful enforcement action. In fact, the year leading up to Mr. Ehrman’s departure was a record-breaking year for the program, capped by its blockbuster $200 million award to the Deutsche Bank LIBOR whistleblower.
But based on Mr. Young’s background, he would appear to be very much up for the task. He comes from the Department of Justice (DOJ), where he was the acting director of litigation for the Antitrust Division. Prior to that, he served for more than a decade in the Fraud Section of the DOJ Criminal Division, ultimately as chief of the Fraud Section’s Litigation Unit, where he oversaw roughly 150 white-collar prosecutors. He has particular experience with derivatives and commodities fraud. And through his False Claims Act work, has also worked alongside whistleblowers in several of his prior matters.
With all this relevant experience, it is no wonder the CFTC plucked Mr. Young for the job. And as it often does when it gets the chance, the agency used the opportunity to further promote the Whistleblower Program. Here is what CFTC Chairman Rostin Behnam trumpeted about the importance of whistleblowers:
Whistleblowers play a critical role assisting the CFTC be a strong cop on the beat. Much of our Division of Enforcement’s success is tied to the strength of our Whistleblower Office. Brian’s extensive experience covering the issues directly impacting our markets will ensure the continued success of the CFTC’s Whistleblower program, and the urgent need to provide individuals who have information the assurances needed to come forward.
Mr. Young wasted no time in following suit: “Leads generated from insiders are critically important to any financial enforcement program. The tremendous accomplishments of the CFTC’s Whistleblower Program confirm this view.”
So if you have information about potential commodities fraud, the CFTF — and its new Whistleblower Chief — have made it very clear they want to hear from you. If you think you might have information on potential commodities fraud, or any other area of fraud or misconduct, and would like to speak to an experienced member of the Constantine Cannon whistleblower team, please do not hesitate to contact us for a free and confidential consult.
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