iLargest award ever to an individual whistleblower
Washington, D.C. October 21, 2020. Today the Commodity Futures Trading Commission issued the largest whistleblower award in history: $200 million.
In issuing the award, the CFTC stated:
"The Commodity Futures Trading Commission today announced an award of nearly $200 million to a whistleblower whose specific, credible, and timely original information significantly contributed to an already open investigation and led to a successful enforcement action, as well as to the success of two related actions, by a U.S. federal regulator and a foreign regulator."
"According to the order, the whistleblower’s information led the CFTC to important, direct evidence of wrongdoing. In order to qualify for an award, a whistleblower who significantly contributed to the success of an enforcement action must demonstrate that there is a “meaningful nexus” between the information provided and the CFTC’s ability to successfully complete its investigation, and to either obtain a settlement or prevail in a litigated proceeding. The Commission determined here that the whistleblower met this standard."
To date, the CFTC has issued rewards based on over $3 billion in sanctions collected by fraudsters.
Stephen M. Kohn, Chairman of the Board of Directors of the National Whistleblower Center, issued the following statement:
“The CFTC did the right thing in granting the largest whistleblower reward in history. This award should send a powerful message to all corporate fraudsters that their own employees can and will report frauds and other crimes to law enforcement. The $3 billion collected by the CFTC in sanctions is only the tip of the iceberg as to the benefits obtained by the American people. Whistleblower reward laws act as a major deterrent to wrongdoing. Let this award be a warning to all those on Wall Street who cheat to make a profit. The new whistleblower laws can and will lead to your detection.”
