CFTC Makes $18 Million Whistleblower Award
Yesterday (October 12), the Commodity Futures Trading Commission (CFTC) announced an $18 million whistleblower award. The agency did not disclose the identity of the whistleblower or the associated enforcement action. It never does. The CFTC maintains strict confidentiality over its whistleblowers. All we know is the whistleblower “provided detailed information and assistance,” that “was significant in amount and quality,” and which was “crucial” to resolving a related action by another agency.
The CFTC made the award under the CFTC Whistleblower Program, created under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which provides whistleblowers with up to 30% of any government recovery resulting from information they voluntarily provide. Since its first award in 2014, the CFTC has made roughly $365 million in whistleblower awards associated with enforcement actions bringing in more than $3 billion in government recoveries.
In announcing the award, the CFTC stressed the critical role whistleblowers play in the agency’s fraud enforcement regime and its commitment to rewarding those who come forward with useful information. CFTC Director of Enforcement Ian McGinley said “the CFTC’s enforcement efforts benefit greatly from whistleblowers like this one, who provide and interpret key evidence and thereby conserve CFTC resources.”
Acting Whistleblower Chief Christina McGlosson echoed this sentiment, highlighting the “critical information and assistance” the whistleblower provided and how the agency’s Whistleblower Program “continues to incentivize whistleblowers to report directly to the CFTC with actionable information.”
While not as active or prolific as the SEC Whistleblower Program, which also provides successful whistleblowers with up to 30% of any government recovery, the CFTC has made it clear that if you have information on potential commodities law violations, it wants to hear from you.
So if you have information relating to potential commodities fraud or securities fraud and want to speak to a member of the Constantine Cannon whistleblower team to learn what it means to be a whistleblower, please do not hesitate to contact us for a free and confidential consultation.
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