CFTC Rewards Whistleblowers a Total of $45 Million

Washington, D.C. Thursday, August 2. $45 million has been awarded to multiple whistleblowers, according to a press release from the Commodity Futures Trading Commission (CFTC). The whistleblowers used the CFTC’s Whistleblower Program, which was created by Section 748 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Through this program, those who report corruption, fraud, and abuse can receive between 10 and 30 percent of the monies collected, much like the qui tam provisions of the False Claims Act. The program ensures complete confidentiality to whistleblowers.

In July, the CFTC announced its largest ever whistleblower reward to one person of almost $30 million, a clear sign that the relatively new program is picking up speed. They also reported the first award made by the program to an international whistleblower. The CFTC hopes that these stories of whistleblower success will encourage more knowledgeable insiders to step forward and report wrongdoing.

“Whistleblowers need effective tools to use to combat waste, fraud, and abuse,” said Stephen M. Kohn, partner at the whistleblower law firm Kohn Kohn & Colapinto (KKC). “We need safe and confidential practices for whistleblowers to report malfeasance. Otherwise, they will live in fear of retaliation and harassment for blowing the whistle.”