Search Site

Wall Street, Pay Attention: Whistleblowers Will Reap $45 Million in CFTC Awards in 2018

In 2010, the Dodd-Frank Act created whistleblower programs under the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For the most part, it’s been the SEC’s program that has garnered headlines in these first eight years. However, experts believe the CFTC program is about to begin making headlines of its own.

A recent report by an auditor indicates the CFTC expects it will pay out approximately $45.5 million in whistleblower rewards throughout 2018. This number would mark four times the total amount paid in the previous eight years combined. The money paid out would be in cases that have already had collected sanctions that were imposed by the commission.

In the 2017 fiscal year, there were 465 total whistleblower reports submitted to the CFTC, a number that represented a 70 percent increase over the previous year.

SEC program’s success is having an impact

Government officials have referred to the SEC’s whistleblower protection program as a “game changer” for enforcement, and the CFTC program is seemingly beginning to benefit from the SEC program’s success.

The government expects to collect a total of $560 million in sanctions related to whistleblower cases this year when combining the CFTC and SEC programs, as well as sanctions collected from other enforcement actions.

While the CFTC still is not receiving anywhere near the number of reports the SEC gets, the rapid increase in CFTC reports indicates more people are becoming aware of the benefits of reporting wrongdoing to the agency. Commonly reported activities include market manipulation, virtual currency trading, spoofing, false reporting, misrepresentations to customers, fraud and Ponzi schemes.

For more information and guidance on filing a claim under the CFTC whistleblower program, speak with an experienced Dallas attorney at Whistleblower Law for Managers.

Awards & Honors
Our Office
  • Dallas Office
    4514 Cole Ave
    Dallas, Texas 75205
    Phone: 214-306-8045
    Fax: 469-729-9926
As Seen In
In his new book, "Standing Up to China: How a Whistleblower Risked Everything for His Country," former client & Author, Ashley Yablon, quotes Attorney Steve Kardell about Whistelblower Law.
  • "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.