Read frequently asked commodities fraud questions, including questions about the CFTC Whistleblower reward program, who qualifies, and how to anonymously file claims.
Anyone can qualify as a whistleblower under the CFTC Whistleblower Program. Some of the types of fraud covered are spoofing, violations of the Bank Secrecy Act, insider trading, corrupt practices, and virtual currency fraud.
Cryptocurrency fraud whistleblowers who report alleged violations to regulators, such as market manipulation, money laundering, tax avoidance, or other scams (through the guise of crypto), can earn awards under various federal whistleblower reward programs.
As part of the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission (“CFTC”) pay anonymous CFTC whistleblowers a monetary reward to those with original information resulting in a sanction of $1 million or more.
As part of the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission (“CFTC”) pay anonymous CFTC whistleblowers a monetary reward to those with original information resulting in a sanction of $1 million or more.
The Commodity Exchange Act’s whistleblower law requires that the CFTC pay an award to qualified whistleblowers. To qualify a whistleblower must provide original information to the CFTC regarding a violation of any of the commodity exchange laws enforced by the CFTC.
Accounting fraud occurs when a company intentionally manipulates its financial statements to create a false impression of strong financial health. Insiders who bring information about accounting fraud to the SEC, CFTC, or the IRS may be eligible for a whistleblower reward.
In March 2019, the CFTC issued an Enforcement Advisory indicating that, for the first time, it would be focusing investigative resources on foreign corruption as it relates to violations of the Commodity Exchange Act. As an activity regulated by the CFTC, commodities-related foreign corruption now falls within the gambit of violations for which a whistleblower may be eligible for an award should their tip lead to a successful enforcement action.
