CFTC Focuses on Whistleblowers as Enforcement Increases

Posted on September 26th, 2019 at 4:56 PM
CFTC Focuses on Whistleblowers as Enforcement Increases

From the Desk of Jim Eccleston at Eccleston Law LLC:

The U.S. Commodity Futures Trading Commission ("CFTC") is actively calling for whistleblowers who may know about misconduct as it extends enforcement to areas usually controlled by the U.S. Department of Justice (“DOJ”) and the Financial Crimes Enforcement Network.   

The CFTC recently released a series of four whistleblower alerts aimed at whistleblowers who might have information about insider trading, money laundering, foreign bribery, and violations of the Bank Secrecy Act. According to the CFTC, the alerts and other outreach efforts have increased the program's visibility, with its whistleblower office's website attracting more than 200,000 page views this fiscal year, up from roughly 41,000 in fiscal 2016. 

The CFTC has continued to push the bounds of its enforcement capabilities this year, investigating at least one company for foreign corruption and working with the DOJ on several cases. For example, the agency recently brought a lawsuit against JPMorgan traders who were also the subject of criminal charges related to an alleged years-long spoofing scheme.

The CFTC's whistleblower program was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act and allowed the regulator to reward whistleblowers who give it information about violations of the Commodity Exchange Act which leads to successful enforcement action. Whistleblowers can receive between 10% and 30% of the monetary sanctions paid by the offenders if the sanctions total at least $1 million. Since the program launched in 2011, the CFTC has awarded whistleblowers more than $90 million for their efforts.

Eccleston Law assists whistleblowers file their claims anonymously.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, whistleblower, cftc, commodity futures trade commission, doj, financial crimes enforcement network

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Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

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