CFTC Announces Whistleblower Award Worth Approximately $1.5 Million
The Commodity Futures Trading Commission (CFTC) announced a brand-new whistleblower award worth approximately $1.5 million would be paid out to a whistleblower who filed a claim through the agency’s whistleblower compensation program.
Per CFTC policy, no information was provided about the whistleblower’s identity or the case they helped resolve, other than to say the whistleblower’s contribution assisted substantially with the case in question and the award was “one in a growing line of whistleblower awards that show the Commission’s continued commitment to the program.”
About the CFTC program
The CFTC whistleblower program was established under Section 748 of 2010’s Dodd-Frank Wall Street Reform and Consumer Protection Act. It not only pays awards based on CFTC enforcement actions, but also on any related actions brought by other agencies and federal regulators in some circumstances. Much like in the SEC whistleblower program, CFTC whistleblowers can earn 10 to 30 percent of the total monetary sanctions collected as a reward for providing unique and actionable information to the authorities.
CFTC whistleblowers are also protected against retaliation. It is illegal for employers to take any adverse actions against a whistleblower or any actions that would impede a whistleblower from communicating with the CFTC about potential violations or wrongdoing. Whistleblowers also have their confidentiality protected to the fullest extent possible. The CFTC does not disclose any information regardless of the outcome of the case that could potentially reveal the whistleblower’s identity, unless it is required to do so in connection with public proceedings.
For more information on the CFTC whistleblower program and how to file a claim, consult an experienced whistleblower lawyer with Kardell Law Group.