How to Report Commodity Futures Trading Commission (CFTC) Fraud
How to Report Commodity Futures Trading Commission (CFTC) Fraud
Whistleblower Rewards for Reporting Commodity Futures Trading Fraud
Whistleblowers who report violations of Commodity Futures Trading Commission (CFTC) rules or laws are entitled to sizable money rewards. This article explains how to report commodity futures trading fraud and get a reward.
The Dodd-Frank Wall Street Reform and Protection Act created the Commodity Futures Trading Commission (CFTC) reward program. The commodity futures trading reward program pays significant cash rewards for insider trading violations, any futures trading law violations, money laundering, or violations of the Foreign Corrupt Practices Act.
Size of Rewards: If you report commodity futures trading (CFTC) violations, you can get between 10 to 30 percent of the monies the CFTC collects based on your information. The minimum reward is $100,000 because the CFTC only pays rewards if it recovers more than $1 million based on your information. The exact percentage, up to 30 percent, is based on the significance of your information, how much assistance you and your attorney provided, and the CFTC's programmatic interest in deterring violations of the commodity future trading laws.
Specific Requirements: You mustexactly follow each of the format and filing instructions of the CFTC , and provide specific and detailed allegations of CFTC violations. Your information must result in the CFTC collecting money from the company. Therefore, the manner in which you present the information is critical.
Whether or not to hire an Attorney: Although it is not necessary to use an attorney to be eligible for a CFTC reward, the stakes are high enough that it is warranted. The attorney will take the CFTC fraud case on a contingency basis, so won't be out any money to use an attorney. If you don't use an attorney, you are labeled "pro se" and the government may not think you could not find an attorney willing to take your case. If you do use an attorney, your filing will appear more professional and the CFTC will know that the attorney has conducted his own investigation before filing. To maximize the benefit of an attorney's reputation or stamp of approval on your application, consider choosing one that has significant prior federal government experience.
Anti-Retaliation: Even though an employer should not know your name, if they guess you reported the fraud to the CFTC, the employer may not fire, demote, suspend, threaten, harass, or discriminate against you. Whistleblowers can sue for reinstatement, back pay and damages.
Confidentiality: You can initially file for a CFTC reward anonymously, provided you retain a lawyer to represent you to file the reward application. Of course, the CFTC will need to know your name if it needs to interview you to support the case or to make payment of a reward if you chose to file anonymously. Of course, you will want to assist the CFTC because a reward is based upon money the CFTC collects. But the CFTC will not disclose your name to the company unless in a rare need for you to testify in order for the government to win the case.
If you meet all of the requirements, and the CFTC collects more than $1 million, you will receive a sizeable reward. Of course, you must have specific, detailed, credible evidence before you decide to file. The CFTC will not open an investigation based upon general or vague allegations.
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