Three CFTC Whistleblowers Awarded Combined $45M

Three unidentified whistleblowers will be given more than $45 million combined by the U.S. Commodity Futures Trading Commission for their roles in enforcement actions that resulted in sanctions.

The CFTC Whistleblower Program

The CFTC whistleblower reward program was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to reward whistleblowers who give the agency information about violations of the Commodity Exchange Act that lead to a successful enforcement action.

For eligible whistleblowers, awards range between 10 percent and 30 percent of the monetary sanctions paid by the offenders. The award percentage is based on the involvement of the whistleblower; individuals who testify at trial are awarded more than those who merely provide useful information.

Since the U.S. Commodity Futures Trading Commission (CFTC) launched the whistleblower reward program in 2011, they have given nine awards to whistleblowers for their efforts. Two of the awards were given in July 2017 – a record $30 million award and the first-ever award to a foreign whistleblower.

The chairman of the CFTC, J. Christopher Giancarlo, said in a statement, “I hope that today’s awards encourage anyone with knowledge of violations of the Commodity Exchange Act to come forward and become a whistleblower.”

SEC Whistleblower Program as Proving Successful

Under the Dodd-Frank Act, the Securities and Exchange Commission launched a similar whistleblower program that also has proven to be successful. In April the agency said that it has awarded $266 million to 55 whistleblowers since the launch of the program in 2012. According to the SEC, $90 million of the awards have been given the past nine months.

Call an Investment Fraud Attorney Today

If you are looking for an attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms for their wrongful actions.

With offices in Los Angeles, New York, Detroit, West Palm Beach and Miami, our investment fraud attorneys represent clients nationwide and can help you recover your investment losses.

Contact an investment fraud attorney at Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options. Translations services are available.

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