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The Commodities Futures Trading Commission (CFTC) has announced an award of nearly $4 million to two whistleblowers who notified the agency of a company's misconduct. Both individuals provided sufficient original information to lead to a successful enforcement action. Whistleblower #1 initially notified the CFTC of this misconduct and supplied key information. The CFTC opened its investigation based on the information submitted by Whistleblower #1. Whistleblower #2 also provided additional information which included the admission that the misconduct was ongoing and continuing. While Whistleblower #2 also provided “substantial assistance,” they also “unreasonably delayed” giving information to the CFTC. This led to a reduction of the award amount, which was not disclosed. Three additional whistleblowers were denied an award and did not seek reconsideration by the CTFC's Claims Review Staff (CRS.) Claimant #3’s information was already in the record with no original information submitted.The Commodities Futures Trading Commission (CFTC) has announced an award of nearly $4 million to two whistleblowers who notified the agency of a company’s misconduct.

Both individuals provided sufficient original information to lead to a successful enforcement action. Whistleblower #1 initially notified the CFTC of this misconduct and supplied key information. Continue reading

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On August 8, 2024, the U.S. Commodity Futures Trading Commission (the “CFTC”) announced a whistleblower award of over $1 million dollars. While the Commodity Exchange Act ensures confidentiality protections for CFTC whistleblowers, this award highlights the CFTC’s commitment to regulating digital assets. The heavily redacted CFTC order states that the whistleblower received the award because the whistleblower voluntarily provided the information, through form TCR, and their information led to a successful enforcement action. This action uncovered improper trading previously unknown to the CFTC, underscoring the growing importance of whistleblower tips in detecting misconduct. CFTC Director of Enforcement Ian McGinley noted, "During the last fiscal year, digital asset cases accounted for almost 50% of the CFTC's docket, with a majority of whistleblower tips that year related to digital assets."On August 8, 2024, the U.S. Commodity Futures Trading Commission (CFTC) announced a whistleblower award of over $1 million dollars. While the Commodity Exchange Act ensures confidentiality protections for CFTC whistleblowers, this award highlights the CFTC’s commitment to regulating digital assets.

The heavily redacted CFTC order states that the whistleblower received the award because the whistleblower voluntarily provided the information, through form TCR, and their information led to a successful enforcement action. Continue reading

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On June 17, 2024, the U.S. Commodity Futures Trading Commission (the “CFTC”) reached a $55 million settlement with Trafigura Trading LLC, marking a significant aggressive shift in the agency's approach to whistleblower protections.  This case sets a new precedent in the CFTC’s enforcement program and underscores the CFTC's commitment to protecting whistleblowers. In its settlement, the CFTC alleged that Trafigura manipulated oil derivatives prices, exploited confidential information to gain an unfair advantage in gasoline transactions and, most importantly, that Trafigura failed to carve out an exception for whistleblowers in its employment agreement's confidentiality provisions. This marks the first time the CFTC has publicly taken a position on this whistleblower protection issue.  The whistleblower carveout requires non-disclosure provisions to explicitly permit communications with law enforcement or regulators.  The CFTC argues that absent these carveouts, such provisions cause confusion and impede voluntary, direct communications with regulators, like the CFTC, about possible violations.On June 17, 2024, the U.S. Commodity Futures Trading Commission (the “CFTC”) reached a $55 million settlement with Trafigura Trading LLC, marking a significant aggressive shift in the agency’s approach to whistleblower protections. This case sets a new precedent in the CFTC’s enforcement program and underscores the CFTC’s commitment to protecting whistleblowers. Continue reading

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The latest $1.25 million award from the Commodities Futures Trading Commission (CFTC) goes to a whistleblower who first reported misconduct internally to their employer, who then ignored the report. Following 120 days of the company’s inaction, the individual submitted the information to the CFTC, who immediately opened an investigation. As part of the CFTC’s “safe harbor” rule, the whistleblower must wait 120 days after reporting internally before submitting information. This is the first time the CFTC’s 120-day “safe harbor” provision has applied to a whistleblower who worked in an auditing or internal compliance capacity. Individuals in these positions have more stringent requirements. This whistleblower complied with those requirements when reporting. The information from the whistleblower was original and given voluntarily. It was the only reason the CFTC opened its investigation. The information “was quite significant,” according to the order, calling it “useful” during the investigation.The latest $1.25 million award from the Commodities Futures Trading Commission (CFTC) goes to a whistleblower who first reported misconduct internally to their employer, who then ignored the report. Following 120 days of the company’s inaction, the individual submitted the information to the CFTC, who immediately opened an investigation. Continue reading

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The Commodity Futures Trading Commission’s Whistleblower Office has a new director, Brian Young. The announcement was made recently by CFTC’s chairman, Rostin Behnam. He comes from the Department of Justice (DOJ), where he was previously the acting director of litigation for the Antitrust Division. Brian Young started his career at the Department of Justice (DOJ) as an Attorney General’s Honors Program Attorney in the Fraud Section of the Civil Division. There, he prosecuted violations of the civil False Claims Act, with a significant number initiated by whistleblowers. His work primarily targeted fraud within federal healthcare and defense programs. Young also managed criminal prosecutions under the Sherman Act and handled civil merger and antitrust conduct litigation. Before that, he spent 11 years in the Fraud Section of the Criminal Division, holding various positions. Eventually, he was appointed as the chief of the Fraud Section’s Litigation Unit, where he supervised the litigation efforts of around 150 white-collar prosecutors.The Commodity Futures Trading Commission’s Whistleblower Office has a new director, Brian Young. The announcement was made recently by CFTC’s chairman, Rostin Behnam. He comes from the Department of Justice (DOJ), where he was previously the acting director of litigation for the Antitrust Division. Continue reading

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The Commodities Futures Trading Commission (CFTC) recently announced the award of $18 million to a single whistleblower who provided substantial assistance to the agency. This information led to a successful CFTC enforcement action as well as a related action with another federal agency. The whistleblower met with Division of Enforcement (DOE) staff on multiple occasions to discuss their concerns. Information from the individual was “significant in amount and quality,” according to the CFTC press release. In the order, the CFTC noted that the individual’s contributions “enhanced Division staff’s ability to resolve the Covered Action.”  Without this information, CFTC staff would have been unable to establish specific facts in the covered action that were “underlying.”The Commodities Futures Trading Commission (CFTC) recently announced the award of $18 million to a single whistleblower who provided substantial assistance to the agency. This information led to a successful CFTC enforcement action as well as a related action with another federal agency. The whistleblower met with Division of Enforcement (DOE) staff on multiple occasions to discuss their concerns. Information from the individual was “significant in amount and quality,” according to the CFTC press release. Continue reading

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The Commodity Futures Trading Commission (CFTC) announced an award of more than $300,000 to a whistleblower who submitted information to the agency regarding a company’s misconduct. Information from the whistleblower was “precise,” and described exactly the activity involved, leading to the CFTC’s Enforcement Division to open an investigation. The individual provided continual assistance during the investigation, offered additional evidence along with interpretations and explanations for CFTC staff. As a result, CFTC staff were able to move forward with the investigation while conserving resources.The Commodity Futures Trading Commission (CFTC) announced an award of more than $300,000 to a whistleblower who submitted information to the agency regarding a company’s misconduct.

Information from the whistleblower was “precise,” and described exactly the activity involved, leading to the CFTC’s Enforcement Division to open an investigation. The individual provided continual assistance during the investigation, offered additional evidence along with interpretations and explanations for CFTC staff. As a result, CFTC staff were able to move forward with the investigation while conserving resources. Continue reading

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In a recent press release,In a recent press release, the Commodities Futures Trading Commission (CFTC) announced $15 million in bounties awarded to two whistleblowers for individual cases. In the first case, a whistleblower affiliated with a company notified the CFTC of activity that was harming its customers. The CFTC opened an investigation and discovered the information to be credible and original. The individual offered continual assistance, saving CFTC staff resources and time. This included assisting staff with interpreting vital evidence, including another witness to corroborate the claims. During the investigation, the whistleblower’s information contradicted and made more sense than the company’s official explanation. The CFTC increased its analysis of the activity and the harm being done to the customers under Section 23 of the Commodities Exchange Act. Overall, this whistleblower’s information was crucial to the successful investigation and enforcement action. the Commodities Futures Trading Commission (CFTC) announced $15 million in bounties awarded to two whistleblowers for individual cases.

In the first case, a whistleblower affiliated with a company notified the CFTC of activity that was harming its customers. The CFTC opened an investigation and discovered the information to be credible and original. The individual offered continual assistance, saving CFTC staff resources and time. This included assisting staff with interpreting vital evidence, including another witness to corroborate the claims. Continue reading

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The Commodity Futures Trading Commission has issued a press release regarding fraud surrounding the buying and selling of carbon credits, which fall under the category of commodities. The CFTC is interested in whistleblower tips about anyone engaged in misconduct in the sale or trade of these credits. Employees, investors, and anyone else who finds fraud or believes it may exist is encouraged to get in touch with the CFTC. What Is A Carbon Credit? You may have heard the terms “carbon credits,” “carbon allowances,” or “carbon offset” referred to in articles and blogs in relation to climate change. Buying a carbon credit allows the purchaser to emit a certain amount of Co2 gases and other types of greenhouse gases. The purchaser can emit up to one ton of these gases per credit. These credits are purchased from projects that remove or reduce carbon output in exchange for the allowed emissions. They help companies move toward their goal of reducing greenhouse gases and reducing the effects of climate change globally. Many companies also have a goal of “zero emissions,” and carbon credits help reach that goal.The Commodity Futures Trading Commission has issued a press release regarding fraud surrounding the buying and selling of carbon credits, which fall under the category of commodities. The CFTC is interested in whistleblower tips about anyone engaged in misconduct in the sale or trade of these credits. Employees, investors, and anyone else who finds fraud or believes it may exist is encouraged to get in touch with the CFTC. Continue reading

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