An anonymous whistleblower has received a record $10 million payout from the U.S. Commodity Futures Trading Commission. Up until now the CFTC has not approved many whistleblower cases, and this recent payout could be an encouraging sign that CFTC desires to expand its incentivized whistleblower program under the Dodd-Frank Act.
“If you go back and look at the first five years of the False Claims Act after the 1986 amendments, you find fewer than 100 whistleblower lawsuits filed each year and the high water mark, in terms of annual recoveries, was just $40 million. Today we recover more than that every week.”
The U.S. Commodity Futures Trading Commission (CFTC) announced that it will make an award of approximately $290,000 to a whistleblower for providing valuable information that led to enforcement action.
The TAF Education Fund is creating two new dedicated list-servs, one for IRS whistleblower matters, and the other for SEC and CFTC whistleblower issues. Come, grow along with us!
President Obama’s 2016 budget proposal checks in at just under $4 trillion and requests increased funding for the Department of Justice, the Internal Revenue Service, the Securities and Exchange Commission, and the Commodity Futures Trading Commission respectively. Here is a look at how it all breaks down:
In Fiscal Year 2014 the CFTC Whistleblower Office received a total of 227 whistleblower tips (up from 138 in FY2013) and issued the programs first award for information that led to enforcement action in a case dealing with numerous violations of the Commodity Exchange Act.