What is the CFTC Whistleblower Program?
Under the CFTC Whistleblower Program, whistleblowers may be eligible for a mandatory award of between 10% and 30% of the monetary sanctions collected. That is, if their information leads to an enforcement action resulting in more than $1 million in sanctions, which includes penalties, disgorgement, restitution, and interest.
The program also prohibits employers from retaliating against any employee who comes forward with information about a commodities violation. Retaliation from employers often includes demoting, suspending, threatening, harassing, or discriminating against a whistleblower for engaging in a protected activity, such as reporting to the CFTC.
Other features of the program include:
- International Reach: Whistleblowers do not have to be U.S. citizens to become eligible for an award. The CFTC covers numerous global commodities and derivatives markets, further enabling international whistleblowers to come forward.
- Anonymous Filing: Whistleblowers can submit tips anonymously with or without the help of an attorney. However, whistleblowers must hire legal counsel if they wish to apply for an award. An attorney will communicate with the CFTC on their behalf.
- Confidentiality: CFTC maintains strict confidentiality throughout the whistleblowing process and is required by law not to disclose information about the whistleblower’s identity, except when a disclosure is required by court order.
- Related Actions: Whistleblowers may be eligible for awards from monetary sanctions collected in related actions. A whistleblower can be eligible if the same original information contributed to both the CFTC action and the related action.
- Protection from Retaliation: Whistleblowers who experience retaliation may sue their employer in federal court and may be entitled to reinstatement, double back pay with interest, and compensation for litigation costs and attorneys’ fees.
The CFTC Whistleblower Program was created under Section 748 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Who Qualifies as a CFTC Whistleblower?
Quite simply, a “whistleblower” under the CFTC Whistleblower Program is any individual who voluntarily provides the CFTC with original information about a possible violation of the Commodity Exchange Act (CEA) that (1) has occurred, (2) is ongoing, or (3) is about to occur.
The CFTC Whistleblower Program is open to everyone, including whistleblowers who reside outside of the U.S. Additionally, whistleblowers do not need to be insiders of a company they are reporting – victims, contractors, short sellers, and market participants can qualify.
Whistleblower Eligibility Requirements
To become eligible for an award under the CFTC Whistleblower Program, your information must “lead to” a successful enforcement action resulting in monetary sanctions exceeding $1 million.
Secondly, whistleblowers must provide quality information that contributes to an enforcement action. Individual applications must provide information voluntarily, which means they must provide the information before the CFTC or another authority requests it.
Ineligible individuals include those who must abide by certain legal compliance, audit, supervisory, or governance responsibilities. This includes compliance officers, in-house counsel, board members, or anyone whose role involves identifying, reporting, and addressing potential non-compliance.
The exclusion isn’t just about the job title — it’s about whether the information was communicated to such a person with the expectation they’d act on it in their official capacity. Therefore, a compliance officer who discovers fraud through their compliance duties is treated differently than a rank-and-file trader who stumbles across it.
120-Day Safe Harbor Exception
The 120-day safe harbor exception allows these individuals to become eligible if they reported internally first, waited at least 120 days, and the company took no meaningful remedial action. The CFTC granted its first award to a compliance officer under this exception in FY 2024.
What Type of Violations Does the Program Cover?
The CFTC investigates possible violations of the Commodity Exchange Act (CEA) and CFTC regulations. The CFTC oversees the U.S. derivatives markets, including futures, options, and swaps. The Commission is looking for specific, credible, and timely tips that warrant follow-up and potentially an investigation.
Here are examples of violations the CFTC investigates:
- Fraud, including fraudulent solicitation, Ponzi schemes, and affinity schemes
- Market manipulation, including attempted manipulation and price manipulation
- Spoofing (bidding or offering with the intent to cancel before execution)
- Misappropriation of customer funds
- Issuing false customer account statements
- Disruptive trading practices, including wash trades and fictitious sales
- Violations of position limits
- Failure to maintain or produce required records
- Registration violations
- False reporting or false statements to the CFTC
- Cryptocurrency and digital asset fraud
- Foreign exchange (Forex) fraud
- Manipulation of benchmarks such as LIBOR or foreign exchange rates
- Corrupt practices in commodities and derivatives markets
- Violations of the Bank Secrecy Act by futures commission merchants and introducing brokers
If you are a whistleblower, it is advised to speak with an international whistleblower advocates’ CFTC whistleblower attorney for a free evaluation to assess the merits of your case. Our attorneys work on a contingency, which means we only get paid if we win your case.
What is the Commodity Futures Trading Commission (CFTC)?
The Commodity Futures Trading Commission (CFTC) is an independent U.S. government agency established in 1974. Its mission is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.
The CFTC regulates the trading of commodity futures, options, and swaps — financial instruments that derive their value from underlying commodities such as agricultural products, energy, metals, and increasingly, digital assets.
It works cooperatively with other domestic agencies (such as the SEC and DOJ) as well as international regulatory authorities to address cross-border violations.
The CFTC’s 2024 annual report stated that 42% of the CFTC’s enforcement activities involved whistleblowers, which highlights their critical role in enforcement and protecting markets from manipulation and abuse.
Quick Facts: CFTC Whistleblower Program
| CFTC Whistleblower Program | |
| Official Name | CFTC Whistleblower Award Program |
| Established By | Dodd-Frank Wall Street Reform and Consumer Protection Act Section 748 (amending the CEA to add Section 23) |
| Effective Date | October 2011 (final rules became effective) |
| Signed Into Law By | President Barack Obama (July 21, 2010) |
| Award Range | 10% to 30% of monetary sanctions collected exceeding $1 million |
| Total Awards to Date | Over $395 million awarded to whistleblowers |
| Enforcement Impact | Over $3.3 billion in monetary sanctions from whistleblower-assisted actions |
| Award Fund | Customer Protection Fund (financed by CEA violators) |
| Codification | 7 U.S.C. § 26 (Section 23 of the CEA) (Title 7: Agriculture) |
| CFTC Implementing Rules | 17 C.F.R. Part 165 |
| Enforcement Agency | Commodity Futures Trading Commission (CFTC) Whistleblower Office |
| Key Forms | Form TCR (Tip, Complaint, or Referral) Form WB-APP (Application for Award) |
| International Eligibility | No U.S. citizenship or residency required Foreign government officials are excluded |
| Anonymous Filing | Yes, if represented by an attorney for award application |
| Related Whistleblower Programs | SEC Whistleblower Program ($2.2B+ awarded) IRS Whistleblower Program FinCEN Whistleblower Program DOJ Whistleblower Program (Pilot launched 2024) |
Why the CFTC Whistleblower Program Matters
Whistleblowers play a critical role in exposing hidden schemes that regulators would otherwise be unable to detect. The CFTC has publicly acknowledged that it could not fully protect customers and markets without whistleblowers, who have been instrumental in collecting over $3 billion in sanctions. Since it’s debut in 2014, more than 56 awards have been granted totaling over $390M.
“Given the great benefit that whistleblowers provide to the CFTC’s enforcement efforts, it is critical for the CFTC to provide both incentives for whistleblowers to come forward, and protections for working with a federal whistleblower program.”
— Christy Goldsmith Romero, CFTC Commissioner, October 2023
“Whistleblowers provide information from a variety of vantage points that helps preserve market integrity and fairness.”
— Ian McGinley, CFTC Director of Enforcement
“The Whistleblower Office is committed to rewarding whistleblowers for their significant contributions in identifying fraud, manipulation, and abuse in commodity markets.”
— Cynthia Lie, acting director of the CFTC’s Whistleblower Office
The CFTC Whistleblower Program creates a powerful incentive for those with inside knowledge to come forward — particularly international whistleblowers who may have visibility into cross-border trading operations, offshore accounts, or foreign entities involved in U.S. commodity markets.
CFTC Whistleblower Program Statistics
| Metric | Value |
| Total Awards Since 2014 | $395+ million |
| Enforcement Impact (Monetary Sanctions) | $3.3+ billion |
| Largest Single Award | ~$200 million (FY 2021) |
| FY 2024 Total Awards | ~$42 million to 15 whistleblowers |
| FY 2024 Enforcement Matters Involving Whistleblowers | 42% |
| Program Established | Dodd-Frank Act (2010) |
| First Award Issued | 2014 |
How International Whistleblowers Can Report CFTC Violations
What are the steps to report a CFTC violation?
Step 1: Gather Evidence
The CFTC is looking to take enforcement action based on strong and credible original information. It is important to gather and preserve any documents, emails, communications, trading records, or other evidence that supports your allegations before you report.
Be careful not to remove confidential documents in violation of company policy or applicable law. Preserve copies of materials you legitimately have access to. Make detailed notes of what you witnessed, when it occurred, and who was involved.
Step 2: Consult with an Experienced Whistleblower Attorney
If you have information regarding a violation of the Commodity Exchange Act, engaging an attorney who specializes in CFTC whistleblower cases is highly recommended. The laws and rules governing the whistleblower program are complex.
An attorney can help you evaluate the strength of your information, determine which agency or agencies to report to, prepare your submission to maximize the potential for an award, protect your identity through anonymous reporting, and advise you on your legal rights and protections.
Step 3: File Your Tip with the CFTC
Submit a Form TCR (Tip, Complaint, or Referral) through the CFTC’s online portal at whistleblower.gov. If you wish to submit anonymously and apply for an award anonymously, you must be represented by counsel. Even if you believe you have already provided information to the CFTC through other means, you must still file a Form TCR to be eligible for a whistleblower award.
Step 4: Cooperate with the Investigation
Award percentages can be determined by several factors, including how cooperative a whistleblower is during the investigation. Ongoing cooperation is considered a positive factor. Be prepared to provide additional information, clarify your original tip, participate in interviews, and assist the Division of Enforcement as needed.
Step 5: Apply for Your Award
If an enforcement action results in sanctions exceeding $1 million, the CFTC will post a Notice of Covered Action. You then have 90 days to submit an application for an award using Form WB-APP. If a related action results in a final judgment, you must also apply within 90 days of that judgment.
Anti-Retaliation Protections
The Dodd-Frank Act and the CEA prohibit employers from retaliating against employees who report possible violations of the Commodity Exchange Act to the CFTC, or who assist the Commission in any investigation or proceeding. Retaliation includes actions such as:
- Discharging or terminating employment
- Demotion or suspension
- Threats or harassment
- Direct or indirect intimidation
- Any other form of discrimination
A whistleblower who has been retaliated against has the right to sue their employer in federal court. In addition, the CFTC has authority to bring its own enforcement action against an employer that retaliates. Remedies may include reinstatement, double back pay with interest, and compensation for litigation costs and attorneys’ fees.
These protections apply even if the whistleblower’s tip does not ultimately lead to an award. For international whistleblowers, it is important to note that while U.S. anti-retaliation protections are among the strongest in the world, the enforceability of these protections may vary depending on the whistleblower’s home jurisdiction.
Consulting with an attorney who understands both U.S. whistleblower law and the legal landscape in your country is recommended.
Getting Expert CFTC Legal Assistance
It is highly recommended that insiders with information about commodities fraud or other CEA violations seek legal assistance right away to ensure the best possible outcomes.
International Whistleblower Advocates has over 35 years of experience, winning landmark cases under numerous whistleblower laws with transnational reach.
Our team includes former SEC Commissioner Allison Herren Lee, former SEC Enforcement Counsel Andrew Feller, and Stephen M. Kohn, lead attorney on landmark whistleblower cases. We represented Bradley Birkenfeld, whose disclosure of UBS’s Swiss tax evasion scheme led to a $780 million fine and a $104 million whistleblower award.
We also represent Howard Wilkinson, who exposed Danske Bank’s $234 billion Russian money laundering operation involving Bank of America, J.P. Morgan, and Deutsche Bank.
Get in touch with IWA for a free and confidential consultation today.
