Search Site
Menu
CFTC Announces Record-Breaking $10 Million Award

In April, the U.S. Commodity Futures Trading Commissoin (CFTC) announced its largest whistleblower award yet: a sum of more than $10 million to a person whose information led to major enforcement action by the agency.

The Securities Exchange Commission (SEC) has been the big name in whistleblower actions over the last few years, while the CFTC has been more on the backburner. Prior to this major award, it had only handed out two, much smaller awards to whistleblowers, one in each 2014 and 2015. Those awards were worth $240,000 and $290,000, respectively.

With this announcement, the CFTC staked its claim as a major player in the realm of whistleblower awards and protections.

The agency focuses on regulating futures and option markets. Its program was also created under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and features many of the same elements as the SEC’s program. For example, whistleblowers could receive between 10 and 30 percent of the amount of money the agency collects on successful enforcement actions worth more than $1 million.

The SEC, however, has been the go-to source for whistleblower complaints. The largest SEC whistleblower award handed out so far was a $30 million sum in 2014.

This latest CFTC award is evidence that its program works just as effectively as the SEC to safeguard against corporate wrongdoing and award whistleblowers. As a result, the CFTC will likely be seen as even more of a legitimate option moving forward for bringing whistleblower actions.

If you would like to learn more about how to respond to a whistleblower complaint within your company, speak with a skilled Dallas attorney at Whistleblower Law for Managers.

Honors
Our Office
  • Dallas Office
    4514 Cole Ave
    #600
    Dallas, Texas 75205
    Phone: 214-306-8045
    Fax: 469-729-9926
Testimonials
  • "Steve Kardell was terrific in representing me in some very adversarial discussions with Citigroup and also later represented me in my testimony before the Financial Crisis Inquiry Commission."  -Richard Bowen, Citigroup Whistleblower

  • "Incredible knowledge of employee related concerns and equally brilliant knowledge of health care regulations, standards of practice. I would recommend this firm to anyone."  -V.B.

  • "Reaching out to Steve Kardell was the best decision I made. His ability to provide immediate insight and direction was very powerful, and a huge relief during a very stressful time period. For anyone struggling with a whistleblower situation, I would highly recommend at least speaking with Steve. After a 10 minute call with him, I had a better understanding of what I was dealing with. Even better, he gave me some immediate hope. In the end Steve did a better job than I thought was possible. Steve was able to get in contact with people in my organization, that I didn’t have access to. Because of his years of experience, he already has contacts in many organizations in Dallas. The entire situation was handled peacefully. I was impressed by his ability to “keep the peace”–rather than creating a battle with the organization. The reason I didn’t reach out to a lawyer initially, was because I thought it would mean an immediate end to any hope of a positive relationship with the company. Steve was able to address my concerns, and in the end I was able to continue to work for them."  -KS

  • "Never thought my career would end like it did after 30 years of service. I was part of the first round of the so called reduction of force. I asked myself how can I be part of this with 30 years of seniority. How did they pick these 90 plus employees? Now, the culture of this organization made you question every decision they made. It wasn’t what you knew it’s was a culture of who you know. Nonetheless, I did not accept their severance package. I immediately starting looking for an attorney who would take on my case. After the initial call to Steve I had hope again. He was open and honest about everything and reassured me he would do his best for me, and he did. I had an awesome outcome. Thanks Steve you’re the best."  -S.S.

FOLLOW US
Facebook Twitter Linkedin RSS Feed JD Supra