CFTC Awards $18 Million to Whistleblower
- posted: Dec. 26, 2023
- Whistleblower Litigation
On October 12, the Commodity Futures Trading Commission (CFTC) shared that they awarded $18 million to a whistleblower.
The award was given through the CFTC Whistleblower Program, established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This program allows whistleblowers to receive up to 30% of any government recovery resulting from the information they provide voluntarily. Since 2014, the CFTC has given around $365 million in whistleblower awards associated with enforcement actions that brought in over $3 billion in government recoveries.
The CFTC didn't reveal who the whistleblower is or the specific case involved, as they keep this information private. The agency highly values the confidentiality of its whistleblowers. What we do know is that the whistleblower gave important information and help that was crucial in resolving a related action by another agency.
The CFTC emphasized the vital role whistleblowers play in the agency's efforts to combat fraud and its commitment to rewarding those who come forward with helpful information. Ian McGinley, the Director of Enforcement at CFTC, highlighted how whistleblowers like this one greatly benefit their enforcement efforts by providing and explaining key evidence, saving the agency resources.
Acting Whistleblower Chief Christina McGlosson echoed this, emphasizing the critical information and assistance provided by the whistleblower and how the Whistleblower Program continues to encourage whistleblowers to report directly to the CFTC with actionable information.
Although not as active as the SEC Whistleblower Program, the CFTC actively encourages individuals with information on potential violations of commodities laws to come forward. The whistleblower attorneys from the Kardell Law Group are here to guide you through the process of reporting a violation, with the utmost confidentiality and dedication. Contact us today.