A whistleblower who provided the U.S. Commodity Futures Trading Commission with “useful information at the earliest stages of the investigation” and supplemental information later on will be awarded $10 million.
The CFTC’s Whistleblower Program was created with the passage of the Dodd-Frank Act in 2010. Under the program, whistleblowers can receive 10 to 30 percent of monetary sanctions collected in an action. CFTC whistleblower awards are paid out of the CFTC Customer Protection Fund, which consists of “monetary sanctions paid to the CFTC by violators of the [Commodity Exchange Act].” the March 18 press release states.
According to the award order, the CFTC’s Claims Review Staff (CRS) determined that the whistleblower in this case, Claimant 1, “voluntarily provided the Commission with original information that led to the successful enforcement of a covered action.” The order states: “Claimant 1 is a whistleblower because Claimant 1 submitted information on a Form TCR regarding potential violations of the CEA.”
The order adds that the whistleblower in this case “was not under any legal obligation to report to the Commission” and notes that the information they provided was “original.” The whistleblower’s original information thus “led the Commission to open an investigation.”
The award order contains detailed information about how the procedures for determining the award amount for a whistleblower, stating: “The determination of the appropriate percentage of a...
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