CFTC Awards Whistleblower $8 Million for Enforcement Assistance

(Bloomberg) -- The US Commodity Futures Trading Commission awarded more than $8 million to a whistleblower who the agency says helped with multiple enforcement actions.

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The tipster offered “extremely valuable insider information at a critical time during the investigations,” Brian Young, who leads the CFTC whistleblower office, said in a Monday statement. The information made probes more efficient, added Ian McGinley, head of the agency’s enforcement unit.

Some of the relevant information involve the person’s clients and colleagues. Neither the related enforcement actions nor the identity of the whistleblower were disclosed, per agency policy.

The CFTC’s whistleblower program was established by the 2010 Dodd-Frank Act to offer a financial incentive for tipsters to come forward. People can receive between 10% and 30% of the amount collected through monetary penalties in successful enforcement cases. So far, the agency has awarded about $380 million.

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