Report My Company: CFTC

Monday, April 7, 2014

The Largest Whistleblower Awards Ever Paid Out

The largest whistleblower payout in United States history was made in the amount of $167.7 million under the False Claims Act. The False Claims Act allows private persons to file suit for violations of the False Claims Act on behalf of the government. A suit filed by an individual on behalf of the government is known as a “Qui Tam” action. The whistleblower is entitled to receive between 15 and 25 percent of the amount recovered by the government through the qui tam action. In addition to the False Claims Act, the Internal Revenue Service, Security and Exchange Commission, and U.S. Commodity Futures Trading Commission have whistleblower programs that offer monetary awards. For example, the largest payout under the Internal Revenue Service’s whistleblower program was for $104 million to a former banker who helped the U.S. Government uncover tax evasion. Also, the biggest whistleblower award under the Securities and Exchange Commission whistleblower program was paid out $14 million. If you’re hoping to get rich from the U.S. Commodity Futures Trading Commission whistleblower program don’t hold your breath, no payouts have yet been paid out to whistleblowers.

Whistleblower Award Program Rankings:

#1. “Qui Tam” Provision under the False Claims Act

#2. Internal Revenue Service

#3. Security and Exchange Commission

#4. U.S. Commodity Futures Trading Commission

http://online.wsj.com/news/articles/SB10000872396390444017504577645412614237708

http://money.cnn.com/2013/10/01/news/sec-whistleblower/

http://www.forbes.com/sites/erikakelton/2014/02/19/cftc-enforcement-efforts-will-get-a-boost-in-2014/

http://www.cftc.gov/ConsumerProtection/WhistleblowerProgram/AwardDeterminationsFinalOrders/index.htm

Sunday, April 6, 2014

Whistleblower Programs with Monetary Awards

This blog with discuss how anyone can report their company by reporting acts of fraud, waste and abuse to Whistleblower Programs that payout huge awards. Follow this blog and learn how to make money doing the right thing.

In the United States there is 4 Whistleblower Programs that award individuals when the Government collects money, some payouts have been over $100 million.

1. Securities and Exchange Commission (SEC)

The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Obama on July 21, 2010, authorizes the SEC to pay an award to eligible whistleblowers. You may be eligible for a monetary award if the information you submit leads to an SEC action that results in monetary sanctions exceeding $1,000,000.

2. U.S. Commodity Futures Trading Commission (CFTC)

The CFTC’s whistleblower program – which was created by the Dodd-Frank Act – allows for the payment of monetary awards to eligible whistleblowers, and provides anti-retaliation protections for whistleblowers who share information with or assist the CFTC. The CFTC will pay awards to eligible whistleblowers who voluntarily provide us with original information about violations of the Commodity Exchange Act that lead us to bring an enforcement action that results in more than $1 million in monetary sanctions.

3. Internal Revenue Service (IRS)

The IRS Whistleblower Office pays money to people who blow the whistle on persons who fail to pay the tax that they owe. If the IRS uses information provided by the whistleblower, it can award the whistleblower up to 30 percent of the additional tax, penalty and other amounts it collects.

4. “Qui Tam” Lawsuit Under the False Claims Act (FCA)

The FCA allows private persons to file suit for violations of the

FCA on behalf of the government. A suit filed by an individual on behalf of the government is known as a “qui tam” action, and the person bringing the action is referred to as a “relator.”

If the government intervenes in the qui tam action, the relator is entitled to receive between 15 and 25 percent of the amount recovered by the government through the qui tam action. If the government declines to intervene in the action, the relator’s share is increased to 25 to 30 percent.