On September 29, the U.S. Commodity Futures Trading Commission (CFTC) issued eleven Notices of Covered Actions (NCAs) covering a $710 million settlement with eleven major financial institutions including Bank of America, Goldman Sachs, and Deutsche Bank. The CFTC charged the institutions with recordkeeping and supervision failures related to the widespread use of unapproved communication methods.
The NCAs signal that the CFTC Whistleblower Program is now accepting whistleblower award applications for the enforcement actions. Through the program, qualified whistleblowers, individuals who voluntarily provide the agency with original information that contributes to a successful enforcement action, are entitled to monetary awards of 10-30% of the funds collected in the action.
The CFTC announced that it filed and settled the charges against the institutions on September 27. In addition to Bank of America, Goldman Sachs, and Deutsche Bank, the charged institutions were Barclays, Cantor Fitzgerald, Citi, Credit Suisse, Jefferies, Morgan Stanley, Nomura, and UBS.
Under the Dodd-Frank Act’s related action provisions, CFTC whistleblowers whose information is also used by another agency in an enforcement action may qualify for a whistleblower award of 10-30% of the funds collected in this related enforcement action. On September 27, the SEC announced a $1.1 billion settlement with the same 11 institutions over charges based on the same alleged behavior.
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