The Commodity Futures Trading Commission (CFTC) Whistleblower Office recently announced a Notice of Covered Action (NCA) related to a recent enforcement case involving Goldman Sachs. They are now accepting whistleblower claims from eligible individuals.

Case background

In this instance, Goldman Sachs was charged with recordkeeping violations by the CFTC. The CFTC accused Goldman Sachs of violating the terms of a previous cease-and-desist provision, as well as violating CFTC recordkeeping provisions. Goldman Sachs settled for $5.5 million.

This is not the first time Goldman Sachs has faced CFTC scrutiny for recordkeeping issues. In 2019, the company settled charges related to a failure to record phone lines, agreeing to pay $1 million and cease further violations of CFTC recordkeeping regulations. However, subsequent recordkeeping failures by Goldman Sachs led to the latest enforcement action.

The CFTC Director of Enforcement, Ian McGinley, emphasized the agency's commitment to holding swap dealers accountable for failing to meet their recording obligations and violating CFTC orders.

Whistleblower awards available

Qualified whistleblowers who provide valuable information through the CFTC Whistleblower Program can receive monetary awards ranging from 10 to 30 percent of the funds collected as a result of the enforcement action.

Whistleblowers have historically helped the agency recover over $3 billion from fraudulent activities. Overall, CFTC whistleblowers have been rewarded with over $330 million for their contributions to these efforts.

If you’ve observed fraud, waste, abuse or other misconduct at your organization, you may have legal recourse. To learn more about filing whistleblower claims, reach out to a trusted whistleblower attorney at Kardell Law Group today.