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Home Corporate Dodd-Frank

CFTC Warns of Increased Commodities Fraud Due to Coronavirus Pandemic

Ben KostyackbyBen Kostyack
April 7, 2020
in Dodd-Frank, News
Reading Time: 2 mins read
CFTC
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The U.S. Commodity Futures Trading Commission (CFTC) has issued a warning to the public of possible fee scams and “get rich quick” schemes that aim to prey on the fallout from the coronavirus pandemic.

According to the CFTC, fraudsters who claim to be “instant millionaires and Wall Street wizards” will target those who are working from home and those who have filed for unemployment.

The CFTC Whistleblower Program allows qualified whistleblowers to obtain monetary rewards through provisions similar to those found in other qui tam laws such as the False Claims Act and the IRS Whistleblower Program. Non-U.S. citizens can file for financial awards.

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CFTC whistleblowers can file anonymously, and those who qualify for rewards can receive 10 to 30 percent of the sanctions collected by the CFTC if the enforcement action exceeds $1 million.

From the CFTC:

The Commodity Futures Trading Commission advises the public that unregistered brokers selling binary options, foreign exchange (forex) programs, and cryptocurrencies are targeting people who lost their jobs due to the coronavirus outbreak. The scams are primarily conducted on social media and via messaging apps. The fraudsters convince their victims they can earn unrealistically high profits from home, but later force the victims to pay excessive “fees” and “taxes” to get their supposed earnings. The profits are not real and the fraudsters disappear when the victims stop paying.

Read the CFTC statement: CFTC Customer Advisory: Beware of Fee Scams Targeting Workers Sidelined by COVID-19

Additional information:

  • Whistleblowers are Essential to Monitoring COVID-19 Compliance
  • Protections for Commodity Fraud Whistleblowers under the Dodd-Frank Act.
  • How does a whistleblower file an anonymous reward claim with the CFTC?
Tags: CFTCCommodity Futures Trading CommissionCoronavirus WhistleblowerDodd-Frank ActSecurities and Commodities Fraud
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Ben Kostyack

Ben Kostyack

Ben Kostyack is an Assistant News Editor for Whistleblower Network News. He writes about breaking whistleblower news, and False Claims Act whistleblowers, SEC whistleblowers, IRS whistleblowers, FCPA whistleblowers, and CFTC whistleblowers. Ben has a degree in Journalism with a minor in Economics from the University of Massachusetts Amherst. He was a communications intern at the whistleblower law firm Kohn, Kohn and Colapinto during the summer of 2018.

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Statement by the Partners of Kohn, Kohn and Colapinto: Attorneys for Linda Tripp in her Privacy Act Lawsuit

Statement by the Partners of Kohn, Kohn and Colapinto: Attorneys for Linda Tripp in her Privacy Act Lawsuit

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