The CFTC whistleblower program will soon be handing out big payments for big enforcement actions, according to program head Chris Ehrman in a recent interview with Law360. In the interview, Ehrman indicated that he hopes the Commission will hand out another one or two significant awards in 2015.
Ehrman seemed to admit that the program got off to a slow start but said that the TCR forms they are receiving are high quality. His comments about the quality tips seemed to echo those made by Securities & Exchange Commission Chair Mary Jo White about the larger Dodd-Frank program.
The Commodity Futures Trading Commision issued its first award, a payment of $240,000 to one whistleblower, in May 2014. The SEC, on the other hand, has handed out seventeen payments since its program opened in 2011 for a total of approximately $50 million.
The CFTC expects its whistleblower program will get a boost after it hands out a large reward. This has been true of other programs. The IRS definitely got a big boost after it awarded $104 million to Bradley Birkenfeld. The SEC program has also been picking up steam after handing out awards of $14 million (2013) and $30 million (2014).
Ehrman took over the office in 2013 from Vincente Martinez. Martinez left the CFTC to become the Chief of the Enforcement Division’s Office of Market Intelligence at the SEC.
Our CFTC whistleblower attorneys can assist you with answers to questions about this information as well as assistance reporting violations of the Commodity Exchange Act to the U.S. Government. To speak to an attorney, fill out our contact form or call 1-800-590-4116.