SEC Whistleblower Lawyer Blog
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.
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.”
Since its initial award in 2014, the CFTC’s whistleblower program has awarded over $380 million and imposed monetary sanctions exceeding $3.2 billion. Whistleblowers receive 10 to 30 percent of collected sanctions, paid from a Congressionally established Customer Protection Fund, ensuring no money was taken or withheld from injured parties.
Retaining Experienced Whistleblower Attorneys
Whistleblowers help everyone by notifying agencies of conduct that harms the public, while also earning compensation for themselves. Hiring experienced and knowledgeable CFTC counsel is crucial to navigating and submitting your whistleblower tips, which can greatly increase the probability that the CFTC will initiate an investigation based on your information. If you wish to remain anonymous, you need an attorney to represent you and file on your behalf.
Silver Law Group and the Law Firm of David R. Chase jointly have experienced SEC and CFTC whistleblower lawyers, including a former SEC Enforcement attorney on the team. Our SEC and CFTC whistleblower attorneys can help you if you have information regarding securities or commodities violations.
You must provide timely, credible, and original information or analysis to be eligible. Contact us through our online form or at (800) 975-4345 for a consultation. Our attorneys work on a contingency fee basis, so it costs you nothing to hire us, and we collect our fees only if you receive a SEC or CFTC bounty. We have a strong financial incentive to help you collect the maximum award available, as we are paid only if you collect a bounty.