The CFTC's Whistleblower Program is hoping to attract more tip-offs with high payoffs.
The Commodity Futures Trading Commission (CFTC) announced a new series of Whistleblower awards totalling over $45 million on Thursday, August 2. “The awards demonstrate the growing success of the CFTC’s Whistleblower Program, in particular the increasing volume and complexity of incoming whistleblower submissions,” an official statement from the Commission reads.
Indeed, one whistleblower was awarded $30 million in July, which, at the time, was the largest ever amount granted to a single whistleblower since the program began. When the reward was announced, CFTC Chairman J. Christopher Giancarlo said “that an award of this magnitude will incentivize whistleblowers to come forward with valuable information.”
High Rewards Reap High Returns in the Form of Criminal Tip-Offs
James McDonald, Director of the CFTC’s Enforcement Division, said that “Whistleblowers have added significant value to our enforcement program by enabling the Commission to swiftly identify misconduct and hold wrongdoers accountable.” He added that he expects this trend to continue.
So far, it has.
Christopher Ehrman, Director of the CFTC’s Whistleblower Office, believes that “the sheer magnitude of the $45 million in monetary awards announced today demonstrates the game-changing nature of the Whistleblower Program.”
The Whistleblower Program was founded in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It awards 10 to 30 percent of the monetary sanctions collected by the Commission. The announcement explained that the CFTC can also pay awards collected not only by itself, but by foreign futures authorities “if certain conditions are met.” All whistleblowers are granted confidentiality protection under the Act.
The Whistleblower Program is Rapidly Picking Up Speed
Prior to the record-breaking rewards granted over the last two months, the CFTC had only paid out on rewards four times, once in both 2014 and 2015, and twice in 2016. The largest of the four rewards was $10 million, and the total amount granted to all recipients did not exceed $11 million.
Over the same period, “the SEC’s total Payments to whistleblowers had already exceeded $100 million,” Lexology reports.
The Commodity Futures Trading Commission (CFTC) announced a new series of Whistleblower awards totalling over $45 million on Thursday, August 2. “The awards demonstrate the growing success of the CFTC’s Whistleblower Program, in particular the increasing volume and complexity of incoming whistleblower submissions,” an official statement from the Commission reads.
Indeed, one whistleblower was awarded $30 million in July, which, at the time, was the largest ever amount granted to a single whistleblower since the program began. When the reward was announced, CFTC Chairman J. Christopher Giancarlo said “that an award of this magnitude will incentivize whistleblowers to come forward with valuable information.”
High Rewards Reap High Returns in the Form of Criminal Tip-Offs
James McDonald, Director of the CFTC’s Enforcement Division, said that “Whistleblowers have added significant value to our enforcement program by enabling the Commission to swiftly identify misconduct and hold wrongdoers accountable.” He added that he expects this trend to continue.
So far, it has.
Christopher Ehrman, Director of the CFTC’s Whistleblower Office, believes that “the sheer magnitude of the $45 million in monetary awards announced today demonstrates the game-changing nature of the Whistleblower Program.”
The Whistleblower Program was founded in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It awards 10 to 30 percent of the monetary sanctions collected by the Commission. The announcement explained that the CFTC can also pay awards collected not only by itself, but by foreign futures authorities “if certain conditions are met.” All whistleblowers are granted confidentiality protection under the Act.
The Whistleblower Program is Rapidly Picking Up Speed
Prior to the record-breaking rewards granted over the last two months, the CFTC had only paid out on rewards four times, once in both 2014 and 2015, and twice in 2016. The largest of the four rewards was $10 million, and the total amount granted to all recipients did not exceed $11 million.
Over the same period, “the SEC’s total Payments to whistleblowers had already exceeded $100 million,” Lexology reports.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Kraken Announces Partnership to Enhance Crypto Offerings in German Market
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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