According to a recent report, two whistleblowers have earned a total of $2 million in awards for information they provided that instigated an investigation by the CFTC. The whistleblowers participated in a variety of interviews and provided incriminating documents that proved that several violations of the Commodity Exchange Act had taken place.
“This award demonstrates how whistleblowers can play an integral role in our investigations and be rewarded for their significant contributions,” stated Christoper Ehrman, director of the CFTC’s Whistleblower Office. He added, “It often takes integrity and courage to report specific, timely, and credible information about misconduct, and such information enhances our ability to police the markets.”.
Under the Whistleblower Program, which was established in 2010, the CFTC has awarded over $90 million to individuals who have decided to come forward with information regarding suspected fraud. In total, whistleblowers participating in this program have helped to earn over $730 million in sanctions.
The Whistleblower Program also works to protect participating individuals through a series of anti-retaliation protections. Under these protections an employer may not attempt to prevent the whistleblower from communicating with the CFTC, even through the enforcement of a confidentiality agreement or pre-dispute arbitration agreement.
As whistleblowers continue to come forward with crucial information that make prosecutions against fraud possible, additional protections and incentives are being set in place to award their bravery and courage.
To learn more about becoming a whistleblower or recent whistleblower awards, visit the Jeffrey Newman Law Whistleblower Help Center and blog!