On August 2, 2018, the CTFC released the news that its Whistleblowers Program is continuing to help the government collect large amounts from companies that try to cheat the government. The CTFC stated that one award was for nearly $30 million, the largest by the CFTC to date. The previous largest award to a whistleblower was $10 million. Another award, the first made by the CTFC Whistleblowers Program was paid to a whistleblower who lived outside the United States.
Whistleblowers are entitled to an award for a successful prosecution. Awards range between 10 and 30 percent of the money collected. Whistleblowers must comply with several key formalities beginning. These formal requirements include providing useful information about violations of the Commodities and Exchange Act.
The best course of action for any whistleblower is to speak with an experienced whistleblower lawyer. The attorney will work to present the evidence to the appropriate agency or government official – at the right time, with the right documentation, and in the proper way.
CFTC Chairman, J. Christopher Giancarol said that he hopes the awards will encourage others with valuable information about violations of the Commodity Exchange Act to step forward. He acknowledged that the purpose of the whistleblower lawyer was to level the playing field for everyone who is part of the financial markets. The Whistleblower Program is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
CFTC whistleblowers should understand that disclosures to the Whistleblower Program are confidential. There is a general exception that if a public proceeding is required to enforce the CFTC laws, the disclosure may need to be made public. By that time, the whistleblower should be working with a strong whistleblower lawyer.
The Director of the CFTC’s enforcement division said that these new awards are enabling the agency to serve the public and the investment community by holding wrongdoers accountable. The director also indicated that it is the high-quality of the information that is making a huge difference.
Stephen Danz & Associates is a premier whistleblower law firm in California. We have several offices to serve claimants across the country. We represent whistleblowers in numerous federal and state actions involving fraud, improper billing, kickbacks, and many other illegal activities. Our lawyers will explain that laws that forbid retaliation against whistleblowers. To learn more about whistleblower laws and your right to an award, please call us at 877 789 9707 today.