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Commodities Fraud

What is the CFTC Whistleblower Program?

If you have evidence of fraud involving commodities, derivatives, or futures trading activities, you could be eligible for a reward under the Commodity Futures Trading Commission (“CFTC”) Whistleblower Program. Created by the Dodd-Frank Act, the CFTC Whistleblower Program rewards whistleblowers up to 30% of the recoveries for submitting complaints to the CFTC.

In addition, the CFTC’s Whistleblower Program protects you by prohibiting retaliation by employers against individuals who report information directly to the CFTC or who assist the CFTC in an investigation regarding violations of the Commodity Exchange Act.

How is the CFTC Whistleblower Program different than the False Claims Act?

The CFTC Whistleblower Program is different than other whistleblower programs. Unlike cases brought under the False Claims Act:

  • Whistleblowers can remain anonymous;
  • Whistleblowers disclose their information directly to the CFTC, not by filing a Complaint in Federal Court;
  • Whistleblowers can be rewarded for reporting information to the CFTC even if other Government authorities collected the sanctions, so long as the fraud is related;
  • You do not need to be the first to file so long as your information leads to a successful enforcement action; and
  • The Government must collect at least $1,000,000.

What are some examples of Commodities Fraud schemes?

The CFTC Whistleblower Program is quickly gaining momentum. Since September, 2015, the CFTC has rewarded three whistleblowers for providing information to the CFTC with the highest reward being more than $10,000,000.

Examples of violations if of the Commodity Exchange Act include:

  • Binary options, currency exchange, precocious metals and other “get rich quick” trading schemes;
  • Unlicensed brokerage or exchange services;
  • Price manipulation;
  • Making false or misleading statements; and
  • Concealing or attempting to cover up false statements or representations.

What can I do to stop Commodities Fraud?

If you have knowledge and proof of fraud involving commodities or futures trading activities, then give us a call today for a free consultation and case review with an experienced whistleblower attorney.

This information is for educational purposes. It is not offered as and does not constitute legal advice or legal opinions. You should not act or rely upon this information without seeking the advice of an attorney.

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