(HedgeCo.Net) The Commodity Futures Trading Commission has announced a whistleblower award exceeding $2 million to be shared among four whistleblowers. The CFTC granted the whistleblowers’ award applications for both a CFTC action and related actions brought by another regulator. In issuing the award, the CFTC recognized the contributions of the whistleblowers, who jointly submitted a tip to the CFTC. Each of the whistleblowers also individually provided significant, ongoing assistance to the CFTC’s Division of Enforcement.
“In many instances, whistleblowers are in the best position to identify suspicious conduct,” said CFTC Director of Enforcement James McDonald. “That’s precisely what happened in this case. After witnessing unusual activity, the whistleblowers worked together to quickly submit a joint tip with sufficient detail that drew our attention to the potential violations.”
“The four whistleblowers here synthesized information for the CFTC that highlighted the economic impact of the suspicious activity they identified,” said CFTC Whistleblower Office Director Christopher Ehrman. “The whistleblowers’ initiative not only led to the CFTC’s investigation, but also to related investigations brought by other regulators.”