The Commodity Futures Trading Commission (“CFTC”) has granted 10 whistleblower awards totaling more than $150 million.
According to the CFTC, the final award determinations were issued between July and September 2026. The awards recognize whistleblowers whose original information led the CFTC and other authorities to bring successful enforcement actions.
The CFTC did not identify the whistleblowers, the underlying enforcement actions, or the exact amount of each award. The agency generally withholds this information to protect whistleblower confidentiality.
CFTC Whistleblower Awards Reach a Significant Milestone
The awards underscore the important role whistleblowers can play in identifying conduct that may violate the Commodity Exchange Act or CFTC regulations.
Since issuing its first whistleblower award in 2014, the CFTC has awarded more than $580 million to whistleblowers. According to the agency, those awards are associated with enforcement actions resulting in more than $5.1 billion in monetary sanctions.
The CFTC explained that whistleblower awards encourage individuals to report misconduct and can contribute to the success of the agency’s enforcement program.
Who May Qualify for a CFTC Whistleblower Award?
Eligible whistleblowers may receive between 10% and 30% of the monetary sanctions collected in a covered CFTC action or qualifying related action. When the CFTC obtains a final judgment or settlement with monetary sanctions exceeding $1 million, the Whistleblower Office posts a Notice of Covered Action, after which whistleblowers who submitted information related to the underlying enforcement action may apply for an award.
An award is not automatic. In general, a whistleblower must voluntarily provide original information that leads to the successful enforcement of a CFTC action or qualifying related action. For information about conduct already under examination or investigation, the whistleblower’s submission must significantly contribute to the success of the action.
Under CFTC Rule 165.2(i), detailed standards govern whether original information is considered to have “led to successful enforcement.” Among other circumstances, information concerning conduct not already under examination or investigation may satisfy the standard when it is sufficiently specific, credible, and timely to cause CFTC staff to commence an examination, open or reopen an investigation, or inquire into different conduct, and the CFTC brings a successful action based in whole or in part on conduct that was the subject of the information.
Information concerning conduct already under examination or investigation may also satisfy the standard when it significantly contributes to the success of the action. The CFTC may also grant an award in connection with an enforcement action brought by another domestic or foreign regulator when the applicable requirements are satisfied.
Award eligibility, percentage calculations, and related-action requirements are governed by detailed rules. Anyone considering a submission should understand that the timing and manner of reporting may affect potential eligibility.
What Types of Conduct Can Be Reported?
The CFTC welcomes information concerning potential wrongdoing affecting the U.S. derivatives markets, including futures, options, and swaps, as well as fraud or manipulation involving commodities in interstate commerce, including certain digital assets.
Conduct reported to the CFTC may involve, among other things:
- Fraud involving commodities or derivatives;
- Market manipulation;
- Misappropriation of customer funds;
- False or misleading statements to investors or customers; or
- Certain fraud or manipulation involving digital assets.
A person does not have to be a company insider to provide relevant information. Employees, former employees, customers, investors, market professionals, fraud victims, and others may possess information concerning conduct that may fall within the CFTC’s jurisdiction.
Are CFTC Whistleblowers Protected?
The Commodity Exchange Act provides confidentiality protections for whistleblowers. The CFTC generally does not disclose information that could reasonably be expected to reveal a whistleblower’s identity, subject to limited exceptions.
A whistleblower may submit a Form TCR tip anonymously, with or without an attorney. However, a whistleblower who wishes to apply for an award anonymously must be represented by counsel. Before an award is paid, the whistleblower’s identity must be disclosed to the CFTC and verified in a manner acceptable to the Commission.
Confidentiality protections are not absolute. In certain circumstances, disclosure may be required in connection with an administrative or judicial proceeding or as otherwise permitted by applicable law.
Individuals concerned about confidentiality, workplace retaliation, or preserving evidence should consider obtaining legal guidance before communicating with an employer, regulator, or other party.
How Is a CFTC Whistleblower Tip Submitted?
A person with information about a potential Commodity Exchange Act or CFTC violation may submit a Tip, Complaint, or Referral using the CFTC’s Form TCR.
The submission should clearly explain the suspected misconduct and, where available, identify supporting documents, communications, transactions, witnesses, and relevant dates.
Timing can be important. To be treated as voluntarily submitted, information must be provided before the CFTC or certain other authorities request, inquire about, or demand information from the whistleblower relating to the original information being provided.
Submitting information does not guarantee that the CFTC will open an investigation, bring an enforcement action, collect monetary sanctions, or grant an award.
Speak With a Whistleblower Attorney
Individuals with information concerning commodities fraud, market manipulation, financial misconduct, or other conduct that may fall within the CFTC’s jurisdiction may have questions about their reporting options and potential rights under the CFTC Whistleblower Program.
Kehoe Law Firm, P.C. assists whistleblowers in evaluating potential claims and navigating issues involving CFTC reporting, award eligibility, confidentiality, anonymity, and timing.
If you have information that may be relevant to the CFTC Whistleblower Program, contact Kehoe Law Firm to discuss your circumstances and potential options.
All consultations and case evaluations are free and confidential.
Michael Yarnoff, Esq.
(215) 792-6676, Ext. 804
[email protected]
[email protected]
About Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action law firm representing investors, consumers, and employees in matters involving securities fraud, corporate misconduct, mergers and acquisitions, antitrust violations, whistleblower claims, data breaches, consumer fraud, employment law violations, and retirement-plan mismanagement. Its attorneys have served as lead or co-lead counsel in major securities cases, recovering more than $10 billion on behalf of institutional and individual investors.
Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning plaintiffs are not responsible for attorneys’ fees or litigation expenses. Any request for attorneys’ fees and expenses will be subject to court approval.
