The Commodity Futures Trading Commission (CFTC) is an agency within the federal government tasked with regulating futures trading. These futures cover a wide range of goods, including heating oil, corn, wheat, and even stock index futures. Importantly, the CFTC has also absorbed oversight over the swaps market, which dwarfs the futures market in size.
There are many regulations involved in trading futures, and the CTFC lacks the ability to keep up with every violation. For that reason, the CFTC has adopted a whistleblower program that provides a monetary award for anyone that provides actionable information on a violation. An experienced attorney could help you pursue these awards if you have information pointing to illegal futures activity. You could find the guidance of a Charleston CTFC whistleblower lawyer valuable in seeking a whistleblower reward.
There are strict eligibility requirements for anyone seeking a monetary award through the CFTC whistleblower program. A person or group of people could be eligible if they provide information to the CFTC about a suspected violation. The information provided to the CFTC must be original. This designation means that it is information regarding a suspected violation that is not already known to CFTC investigators. This information must be either derived from first-hand knowledge or from the independent analysis of publicly available information.
Not all actionable information will lead to an award, as this information must be provided voluntarily. Information is only considered voluntary if it was provided by a whistleblower prior to any official request for the information. In other words, no whistleblower award is available for documents or evidence requested or demanded by CFTC investigators.
Initiating a whistleblower complaint begins by filing a document known as Form TCR. TCR stands for Tip, Complaint, or Referral. An experienced CFTC whistleblower attorney in Charleston could ensure all of the requirements of this form are met prior to submission.
Unlike other whistleblower programs, it is possible to seek an award from the CFTC anonymously. A Charleston CFTC whistleblower attorney could assist with filing a claim in a way that protects the whistleblower’s identity. As long as the CFTC has the means to contact a whistleblower, it could be possible to obtain an award. That said, the requirements for obtaining an anonymous award are different from the standard procedure. The good news is that it is possible to rely on the representation of an attorney to facilitate this process.
It is important to understand that while the CFTC has a duty to protect a whistleblower’s identity, there are some limitations on their ability to do so. In cases where the CFTC is aware of the whistleblower’s identity, that information could be provided to other regulatory entities.
Likewise, the documentation a whistleblower provides could also become subject to litigation or criminal proceedings. This means that despite the CFTC’s best efforts to protect a whistleblower’s identity, it could be possible to ultimately identify them through the information they provided.
Assisting the CFTC by filing a whistleblower complaint could result in a substantial monetary award. However, there are numerous actors to consider, including protecting your identity and ensuring you meet the minimum requirement for an award.
A Charleston CFTC whistleblower lawyer could help you file a report of wrongdoing and pursue a monetary award. Call not to get started.