iOn February 15, the Commodity Futures Trading Commission (CFTC) announced Brian Young as the new Director of the agency’s Whistleblower Office, which oversees the CFTC Whistleblower Program.
“The CFTC Whistleblower Program has proven to be highly effective in combating commodities fraud as well as international corruption,” said whistleblower attorney Stephen M. Kohn. “We congratulate Director Young on his appointment, and hope that he continues to manage the office in the professional manner of his predecessors.”
“Leads generated from insiders are critically important to any financial enforcement program,” said Director Young. “The tremendous accomplishments of the CFTC’s Whistleblower Program confirm this view. I look forward to working with and learning from the talented CFTC staff to combat wrongdoing.”
“Whistleblowers play a critical role assisting the CFTC be a strong cop on the beat. Much of our Division of Enforcement’s success is tied to the strength of our Whistleblower Office,” said CFTC Chairman Rostin Behnam. “Brian’s extensive experience covering the issues directly impacting our markets will ensure the continued success of the CFTC’s Whistleblower program, and the urgent need to provide individuals who have information the assurances needed to come forward.”
Established in 2010 with the passage of the Dodd-Frank Act, the CFTC Whistleblower Program has become an essential part of the CFTC’s enforcement efforts. The agency previously stated that roughly 30% of all investigations stem from whistleblowers and over $3 billion in sanctions have been collected thanks to whistleblowers. Through the program, qualified whistleblowers are entitled to monetary awards. The program has awarded almost $350 million to whistleblowers.
In recent years, the CFTC has expanded its enforcement efforts into cryptocurrency and international corruption, meaning that the CFTC Whistleblower Program plays a critical role in the United States’ enforcement efforts in these areas.
Geoff Schweller also contributed to this article.
