Whistleblowers get US$8 million from regulator for reporting fraud
Despite struggling to submit a claim by fax, a whistleblower, along with four others, are sharing over US$8 million in an award from the U.S. Commodity Futures Trading Commission (CFTC) for tipping off the regulator to alleged misconduct that resulted in successful enforcement action.
The CFTC announced a whistleblower award for five tipsters that provided information to the regulator about a fraud scheme.
“These whistleblowers reported to the CFTC soon after recognizing the fraud,” said Raagnee Beri, director of the CFTC’s whistleblower office, in a release. “Their contributions of information and assistance helped the CFTC bring and complete an enforcement action with a substantial recovery of funds for defrauded investors.”
According to the CFTC’s order, the claim for a whistleblower award from the person that provided the initial tip — which led to the regulator opening an investigation — came late, arriving via fax less than an hour after the deadline for filing a claim.
However, the regulator exercised its discretion to waive the deadline, citing “extraordinary circumstances” — technical difficulties that arose when attempting to fax their claim to the CFTC.
Alongside the initial claimant, four other tipsters also shared in the award. The order noted that, while the first tipster sparked the initial investigation, which makes their information “more significant,” the others all provided more sustained...
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