Today, the Commodity Futures Trading Commission (CFTC) announced whistleblower awards totaling more than $1 million granted for whistleblowers who assisted in a successful enforcement action.
According to the CFTC press release, the first whistleblower led the CFTC to open the investigation. The second whistleblower provided the Commission staff with first-hand information about the underlying scheme.
“On the tenth anniversary of the signing of the Dodd-Frank Act, the CFTC continues to show why whistleblowers should be rewarded for their courageous efforts,” said whistleblower attorney Stephen M. Kohn, partner at the qui tam law firm Kohn, Kohn & Colapinto. “The $110 million awarded to whistleblowers by the CFTC since 2014 and the $900 million recovered for U.S. taxpayers shows that when given the proper tools, whistleblowers can be the number one line of defense for combating fraud.”
The CFTC Whistleblower Program, established as part of the Dodd-Frank Act of 2010, provides incentives to whistleblower to report commodities frauds. Whistleblowers who voluntarily provide the Commission with information that leads to monetary sanctions of $1 million or more are eligible to receive whistleblower awards between 10 and 30 percent of the monies collected.
“As is made clear under the governing laws, even whistleblowers that have some degree of culpability may be eligible for an award under the Whistleblower Program,” added Whistleblower Office Director Christopher Ehrman. “We will continue to reward eligible whistleblowers and encourage them to come forward to aid in our investigations.”
The Commodity Exchange Act (CEA) allows CFTC whistleblowers to confidentially and anonymously file for awards. Contact an experienced whistleblower attorney to learn about filing for a whistleblower award.