CFTC-PR-9006-24 (11-12-24) (CFTC-PR-2411)

CFTC Awards $4M to Two Whistleblowers

Excerpt: November 12, 2024 – WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced it is awarding nearly $4 million to two whistleblowers who provided information leading to the successful enforcement of a covered action.

Information from both whistleblowers formed the basis for the CFTC’s investigations underlying the covered action. One whistleblower provided information earlier in time and the other reported that the violative practices had continued. The initial whistleblower was awarded a higher award amount based on the timeliness of the reporting, among other factors.

“Timely reports to the CFTC are critical for enforcement,” said Director of Enforcement Ian McGinley. “They help prevent further harm to customers or market participants and hold wrongdoers accountable to the fullest extent possible.”
The violations resolved in the covered action related to the integrity of the markets the CFTC oversees and of the investigations it conducts. Each whistleblower provided specific, credible, and timely assistance to the CFTC that led to the charges being successfully resolved.

“We encourage all whistleblowers to come forward as soon as possible, since the timeliness can affect the award determination,” said Whistleblower Office Director Brian Young. “This is a perfect example of how the whistleblower rules allow for increased awards for timely initial reports and additional assistance while also providing a decreased award for those who unreasonably delay reporting.”

Source:  https://www.cftc.gov/PressRoom/PressReleases/9006-24

Categories:  Whistleblower Awards

CFTC-PR-9006-24 (11-12-24)