CFTC Issues First Whistleblower Program Award
The Commodity Futures Trading Commission (CFTC) has made its first award to a whistleblower as part of its whistleblower program created by the “Dodd-Frank” Act. The tipster will receive approximately $240,000 in exchange for providing actionable information about violations of the Commodity Exchange Act.
The CFTC's whistleblower program offers monetary awards to those who voluntarily provide information about violations of the Commodity Exchange Act resulting in more than $1 million in monetary sanctions. Whistleblowers are eligible for 10 to 30 percent of fines collected. The Commission also can pay awards based on monetary sanctions collected by other agencies in actions that are related to a successful CFTC action.
According to director of the commission’s Whistleblower Office, the CFTC is attracting high-quality tips and cooperation which it might not otherwise receive and which already is having an impact on CFTC’s enforcement mission.
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