A whistleblower who was protected by the government’s Whistleblower Program just received a cool $10 million. Now there’s a number that’s worth a whistle. Read more about this record-breaking whistleblower award from the US Commodity Futures Trading Commision (CFTC).
Award Came From Whistleblower Protection Program
This huge chunk of change was the largest award ever given by to a whistleblower by the CFTC. The Whistleblower Program provides protections and monetary awards in return for information given to the government about violations of the Commodity Exchange Act (CEA).
The CFTC didn’t provide the public with specific information about the award, just as it has done for previous awards. The CFTC released no details about the award’s recipient or the violator(s), only the amount awarded.
Large Awards Encourage Transparency
In a press release, the director of the CFTC’s Whistleblower office, Christopher Ehrman, addressed the large size of the whistleblower award. He said, “The Whistleblower Program is working. My hope is that this multimillion dollar award will encourage others to come forward with information that will assist the Commission in protecting our markets.”
Award Funds Come From Law Violators
The funds awarded by the CFTC’s Whistleblower Program come directly from fines and monetary sanctions collected from violators of the CEA. The sanctions go into the Customer Protection Fund created by the US Congress. No tax dollars fund the Whistleblower Program.
More Information About the Whistleblower Program
The program requires that both the CFTC and whistleblowers adhere to a set of rules:
- The Commission may not disclose information that could reveal the identity of the whistleblower.
- Additionally, the person blowing the whistle must provide the information voluntarily and may not be convicted of a crime related to the information reported.
- Even if a whistleblower isn’t eligible for a financial reward, he or she is still protected from employer retaliation.
- Whistleblowers must follow the proper procedures when filing information formally with the CFTC on its website or via paperwork.
- If eligible for a financial whistleblower award, the whistleblower can expect to receive between 10 and 30 percent of the sanctions or fines levied against the company in question.
If you want to learn more about whistleblower rights or you’re a whistleblower and think you may need protection, talk to our legal team.