CFTC Whistleblower Chief Steps Down
Today, the Commodity Futures Trading Commission (CFTC) announced the departure of Chris Ehrman, the Director of the CFTC’s Whistleblower Office since 2013. The Associate Director of the Whistleblower Office, Christina McGlosson, will serve as Acting Director.
Under Mr. Ehrman’s rein, the CFTC saw tremendous growth in its Whistleblower Program. In fact, last year was a record-breaking year for the program, capped by its blockbuster $200 million award to the Deutsche Bank whistleblower who provided the agency with critical information that led to the bank’s billion dollar plus settlement relating to charges of manipulating LIBOR.
The CFTC has for years played second fiddle to the far more successful and highly promoted SEC Whistleblower Program. But with Mr. Ehrman’s decidedly pro-whistleblower stance and his strong support of the program, the agency has made significant ground with its relatively limited resources.
In announcing his departure, the agency at the highest levels hailed Mr. Ehrman’s stewardship of the program. Chairman Rostin Behnam said: “I am grateful to Chris for his dedication to public service here at the CFTC. The Whistleblower Office, the Division of Enforcement, and market participants have all benefited tremendously from his leadership, insight, and many contributions to the work of our agency.
Director of Enforcement Ian McGinley echoed Mr. Ehrman’s praise and the “critical role” the program plays in helping the agency uncover fraud: “Whistleblower tips play a critical role in the Division’s ability to detect wrongdoing, hold wrongdoers accountable, and promote confidence in our markets. During Chris’ tenure, the number and quality of tips soared, benefiting the Enforcement program greatly.”
Prior to his role as CFTC Whistleblower Chief, Mr. Ehrman worked in various roles in the Enforcement Division of the Securities and Exchange Commission, including stints as an Assistant Director, Branch Chief, Senior Counsel, and Staff Attorney. Prior to that, he spent six years in private legal practice covering securities-related matters. He is a graduate of Miami University and the University of Kentucky College of Law.
The agency did not announce Mr. Ehrman’s next move. But wherever that may lead, whether in government service or private practice, we wish him well and are confident he will serve his clients and the public well. And we thank him for his years of support for and service towards whistleblowers and his recognition of the valuable role they play in uprooting fraud wherever it may lie.