Qui Tam

CFTC considers whistleblower rewards to help fight fraud

By LaBovick Law

Yesterday, the Commodity Futures Trading Commission voted to propose regulations allowing the agency to reward whistleblowers with between 10% and 30% of the sanctions collected if the information leads to a successful enforcement case.

The proposal, is based on a provision in the post-crisis Dodd-Frank Act. If approved, whistleblowers could receive an award based upon violations that occurred prior to the enactment of the statute in July.
 
The new proposed rules would protect Americans from commodities and securities fraud by insiders. We must not let the lobbyists circumvent the interests of the public.

The National Whistleblowers Center strongly encourages every American to let these two commissions know that we need them to implement rules that will encourage whistleblowers, be user-friendly, and protect the public interest.

Click on the following links to read more on the issue:

Corporate Lobbying Threatens To Weaken The Dodd-Frank Bill - National Whistleblower Center

CFTC Mulls Whistleblower Rules To Fight Fraud - Market Watch

Full post as published by Whistleblower Law Blog on November 11, 2010 (boomark / email).