- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-11-03T09:39:00
Most of the whistleblower tips received by the Commodity Futures Trading Commission (CFTC) in fiscal year 2023 related to fraud and misappropriation of crypto/digital assets.
The CFTC paid approximately $16 million to seven whistleblowers in FY23, which ended Sept. 30, according to the agency’s annual report to Congress on its whistleblower program. Of that figure, approximately $15 million was awarded to one of two whistleblowers in September. The other received about $300,000.
The agency received 1,530 whistleblower tips during FY23, slightly more than FY22 (1,506 tips) and roughly 50 percent more than it received in FY21 and FY20.
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“Unreasonably delayed reporting” cost one of two claimants whom will unevenly split a $4 million whistleblower award from the Commodity Futures Trading Commission for providing information that led to a successful enforcement action.
The Commodity Futures Trading Commission appointed Brian Young as director of its whistleblower office.
Payment service providers could do more to support victims of fraud, including through better communication procedures, a review by the U.K. Financial Conduct Authority found.
Two pairs of claimants will receive whistleblower awards totaling more than $98 million and $24 million, respectively, for information they provided to the Securities and Exchange Commission that led to an enforcement action.
Discrimination against whistleblowers in the U.K. has risen to such a level that the government may need to actively pursue plans to afford greater legal protection, as well as introduce financial awards to compensate for their “career suicide.”
The Department of Justice released the details of its long-awaited corporate whistleblower awards pilot program that will prioritize reporting in areas of corporate crime not currently covered by existing whistleblower programs.
