On July 14, the Commodity Futures Trading Commission (CFTC) announced that the Director of the Whistleblower Office, Christopher Ehrman, was stepping down from his role. Ehram oversaw the agency’s whistleblower program beginning in 2013.
The Associate Director of the Whistleblower Office, Christina McGlosson, will now serve as Acting Director. A long term replacement has not yet been announced.
“I am grateful to Chris for his dedication to public service here at the CFTC,” said Chairman Rostin Behnam. “The Whistleblower Office, the Division of Enforcement, and market participants have all benefited tremendously from his leadership, insight, and many contributions to the work of our agency.”
“Whistleblower tips play a critical role in the Division’s ability to detect wrongdoing, hold wrongdoers accountable, and promote confidence in our markets,” said Ian McGinley, Director of the Division of Enforcement. “During Chris’ tenure, the number and quality of tips soared, benefitting the Enforcement program greatly.”
Through the CFTC Whistleblower Program, qualified whistleblowers, individuals who voluntarily provide original information that leads to a successful enforcement action, are entitled to a monetary award of 10-30% of the funds collected by the government.
Since the CFTC Whistleblower Program was established in 2010, whistleblower tips have allowed the CFTC to recover over $1 billion from fraudsters. The program has in turn paid out over $330 million in whistleblower awards.
In March 8, Rostin Behnam, Chairman of the CFTC, testified before the U.S. Senate Committee on Agriculture, Nutrition, & Forestry. During his testimony, Behnam expressed his belief that the fund which finances the CFTC Whistleblower Program needs a “long-term fix.”