On September 27, the U.S. Commodity Futures Trading Commission (CFTC) issued a whistleblower award for over $300,000. The whistleblower’s disclosure caused the CFTC to open an investigation that resulted in a successful enforcement action.
According to the CFTC, the whistleblower provided a “particularly informative tip” which “precisely and accurately described the misconduct at issue.” The award order further notes that the whistleblower “provided all the assistance that Division staff requested.”
“We are pleased the Commission has granted this award to an outstanding whistleblower,” said Whistleblower Office Acting Director Christina McGlosson. “The Whistleblower Office remains committed to rewarding meritorious whistleblowers for their valuable contributions to the CFTC’s enforcement efforts.”
McGlosson previously told WNN that “The Commodity Futures Trading Commission recognizes the critical role whistleblowers play in our enforcement program every day.”
The CFTC Whistleblower Program offers monetary awards and anti-retaliation protections to individuals who voluntarily provide the agency with information on commodities fraud. Since the program was established in 2010, whistleblower tips have allowed the CFTC to recover over $3 billion from fraudsters. The program has in turn paid out over $330 million in whistleblower awards.
On September 19, the CFTC issued two whistleblower awards totaling $15 million.
The CFTC Whistleblower Program is currently in danger of being a victim of its own success, as a funding crisis threatens to undermine the program. A bipartisan bill introduced in July provides a long-term fix to the funding issue undermining the CFTC Whistleblower Program. The CFTC Whistleblower Fund Improvement Act is widely supported by whistleblower advocates.
Further Reading:
CFTC Awards Whistleblower More Than $300,000
Leading Whistleblower Attorney: Congress Must Pass CFTC Whistleblower Funding Law
