“In order to effectively police fraud given the size of the OTC derivatives market, the CFTC will need whistleblowers to step forward and report misconduct.”
Philadelphia, PA (PRWEB) February 28, 2014
Young Law Group is pleased to announce the expansion of its website to include additional information for whistleblowers and the public educating themselves about the U.S. Commodity Futures Trading Commission (CFTC) whistleblower program, located at http://eganyoung.com/cftc/.
The CFTC section of the Young Law Group website was expanded because of the agency’s enforcement powers under the Dodd-Frank Act and its success in obtaining more than $1 billion in monetary sanctions in Fiscal Year 2013. Large sanctions for market manipulation and false reporting of benchmark interest rates such as LIBOR were reported in the CFTC’s annual review of enforcement actions.
Dodd-Frank gave the CFTC the power to regulate part of the $693 trillion dollar swaps market. “Credit default swaps were at the heart of the financial crisis,” said James J. McEldrew, III, Of Counsel at Young Law Group. “In order to effectively police fraud given the size of the OTC derivatives market, the CFTC will need whistleblowers to step forward and report misconduct.”
The Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFTC and SEC to establish programs rewarding whistleblowers when monetary sanctions of more than $1 million dollars are recovered as a result of a tip. Created in 2011, the Office of the Whistleblower at the CFTC has received more than 200 tips about misconduct so far.
The CFTC has yet to pay out an award on one of those tips. “It takes time for a case to move from the initial tip to a monetary award,” indicates Eric L. Young, Esq., Managing Partner of the Young Law Group. “It was several years for the first award by the Internal Revenue Service following the modification of its whistleblower law in 2006.”
For additional information about the education efforts and CFTC program, please contact Eric L. Young at 1-800-590-4116.
About Young Law Group
Young Law Group represents individuals reporting fraud and misconduct to the government under the nation’s whistleblower laws. The False Claims Act and whistleblower programs at the SEC, CFTC and IRS permit eligible private individuals to share in the money recovered by the government as a result of information they provide. For more information, visit http://www.eganyoung.com.