Whistleblower Attorney Issues Reminder to Forex Traders Regarding Potential CFTC Rewards Exceeding $100 Million Following $4 Billion Settlement By Banks

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Employees or clients of financial institutions who assisted the CFTC, OCC or FCA with the foreign exchange probe prior to the November 12, 2014 settlement should consult with an attorney immediately about potential rewards, according to Attorney Eric Young of McEldrew Young.

McEldrew Young

Whistleblower and Catastrophic Injury Attorneys

This could be the first major victory for the CFTC Office of the Whistleblower.

The $4 billion settlement by six banks with the U.S. Commodity Futures Trading Commission (CFTC), Office of the Comptroller of the Currency (OCC) and United Kingdom Financial Conduct Authority (FCA) has the potential to yield a reward for information to one or more whistleblowers in excess of $100 million.

If an individual reported to the United States Government evidence of misconduct in the foreign exchange market by employees of one or more of the six banks, they could be entitled to a sizable reward.

"This could be the first major victory for the CFTC Office of the Whistleblower," stated Eric L. Young, Esq. of McEldrew Young. "An award exceeding $100 million would lead to significant publicity for the program and result in tips from other individuals with information about major misconduct by banks."

The Dodd–Frank Wall Street Reform and Consumer Protection Act authorized the CFTC to pay rewards of between 10 and 30 percent to eligible whistleblowers when an enforcement action based on their information results in a sanction of more than $1 million. When specific government agencies without an incentive program recovers from the information provided, the Dodd-Frank Act also authorized a reward from the related action.

Individuals who assisted the CFTC, OCC, FCA or another agency could be eligible to recover if they have complied with the requirements set forth in the CFTC Rules, including having filed Form TCR with the CFTC. Filing Form WB-APP within the designated time following the upcoming Notice of Covered Action is also required. Additional information about the requirements can be found at http://www.mceldrewyoung.com/whistleblower/cftc/

Forex traders and other financial professionals who have additional information about misconduct by the named banks should also consult with an attorney about the procedure for reporting it to the government and the availability of a potential reward.

"Once a corporation is under investigation, regulators are generally extremely interested in evidence of other violations of the law that was not disclosed by the corporation during the government investigation," stated Young. "These could lead to additional investigations, penalties and, ultimately, rewards for the whistleblower providing the information."

About Eric L. Young, Esq.

Eric Young is a nationally recognized whistleblower attorney with more than 40 client tips under active investigation by the Department of Justice, Internal Revenue Service and the Securities & Exchange Commission. He represented the whistleblower receiving the first mandatory award under IRS Code Section 7623(b) and served as an expert witness in litigation surrounding the largest tax whistleblower award. Additional information can be found at http://www.mceldrewyoung.com/eric-young/

About McEldrew Young

McEldrew Young is a law firm based out of Philadelphia, PA representing DOJ, SEC, CFTC and IRS whistleblowers under the False Claims Act, Dodd-Frank Act and IRS Section 7623(b). Attorneys at the firm also represent individuals in litigation resulting from catastrophic injuries involving medical malpractice, transportation accidents and FELA claims of railroad workers. Additional information about the firm can be found at http://www.mceldrewyoung.com/

The CFTC cases referenced are captioned In re Citibank, N.A., CFTC Docket No. 15 – 03 (Nov 11, 2014); In re JPMorgan Chase Bank, N.A., CFTC Docket No. 15 – 04 (Nov 11, 2014); In re The Royal Bank of Scotland plc, CFTC Docket No. 15– 05 (Nov 11, 2014); In re UBS AG, CFTC Docket No. 15 – 06 (Nov 11, 2014); and In re HSBC Bank plc, CFTC Docket No. 15 – 07 (Nov 11, 2014). The FCA cases are captioned Financial Conduct Authority (FCA) v. Citibank N.A. (Final Notice: FRN: 124704), Nov 11, 2014; Financial Conduct Authority (FCA) v. The Royal Bank of Scotland plc (Final Notice: FRN: 121882), Nov 11, 2014; Financial Conduct Authority (FCA) v. JPMorgan Chase Bank N.A. (Final Notice: FRN: 124491), Nov 11, 2014; Financial Conduct Authority (FCA) v. HSBC Bank Plc (Final Notice: FRN: 114216), Nov 11, 2014; and Financial Conduct Authority (FCA) v. UBS AG (Final Notice: FRN: 186958), Nov 11, 2014. The Office of the Comptroller of the Currency cases are captioned In re JPMorgan Chase Bank, N.A., OCC AA-EC-14-100 (Nov 11, 2014); In re Bank of America, N.A., OCC AA-EC-14-99 (Nov 11, 2014); and In re Citibank, N.A., OCC AA-EC-14-101 (Nov 11, 2014).

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