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ARTICLE · 29 MAY 2014

U.S. Commodity Futures Trading Commission Issues First Whistleblower Award

Orrick
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The U.S. Commodity Futures Trading Commission issued its first award to a whistleblower under its Dodd-Frank bounty program.

United StatesFinance and Banking
  Orrick
  Orrick
Renee Phillips
Renee Phillips
Mike Delikat
Mike Delikat
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On Monday, May 19, 2014, the U.S. Commodity Futures Trading Commission ("CFTC") issued its first award to a whistleblower under its Dodd-Frank bounty program.

The Commission will pay $240,000 to an unidentified whistleblower who "voluntarily provided original information that caused the Commission to launch an investigation that led to an enforcement action" in which the judgment and sanctions exceeded $1 million. The heavily redacted award determination on the CFTC's website does not reveal the name of the implicated company, the nature of the wrongdoing involved, the percentage of bounty the whistleblower received (which is required to be between 10 and 30 percent pursuant to the statute), or the factors considered in determining the percentage of the bounty.

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