ATTORNEY NEWSLETTER
Commodity Futures Trading Commission Wants Whistleblower Help
Commission Issues Alert on Bank Secrecy Act Violations
The U.S. Commodity Futures Trading Commission (CFTC) actively seeks whistleblower help in overseeing commodities and futures trading and in enforcing anti-money laundering laws. The CFTC rewards whistleblowers whose information that leads to prosecution and sanctions against the organizers of fraudulent schemes. Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected in actions where the amount of sanctions ordered exceeds $1 million. If you have credible information of commodities, securities, banking, or tax fraud in California call the Evans Law Firm whistleblower attorneys today at (415)441-8669 and we can help.
This month the CFTC issued an Alert to whistleblowers urging private citizens to be on the lookout for financial institutions that violate anti-money laundering regulations or fail to report suspicious activities. The CFTC’s alert focuses specifically on violations of the Bank Secrecy Act, 12 U.S.C. §§ 1724 et seq., and federal regulations on money-laundering. Money laundering is concealing of the origins of illegally obtained money through a series of banking or corporate transfers. Some of the world’s largest banks have been found guilty of the practice most often in laundering drug money. The CFTC prosecutes money launderers and rewards whistleblowers in cases involving:
- Failure to diligently supervise opening and handling of bank accounts
- Failure to protect customers and the markets from fraud and corruption
- Improper enforcement of trading limits assigned by regulators
- Inadequate construction of a customer identification program as part of the firm’s compliance program
- Failure to file suspicious activity reports
Employees, accountants and other insiders are the individuals most likely to have firsthand knowledge of these kinds of illegal activities. The CFTC maintains the confidentiality of any individual who comes forward with original information of fraud. Our attorneys can help you form and substantiate any application with the best chance of receiving an eventual reward should the agency recover money from the worngdoer.
Contact Us
Our whistleblower attorneys represent whistleblowers in CFTC cases, Securities and Exchange Commission (SEC) cases for securities fraud (related to stocks, bonds, private placements and variable annuities for example), banking fraud under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”), Internal Revenue Service (IRS) cases for tax fraud, particularly offshore tax avoidance schemes, and False Claims Act cases against corporations defrauding the government for payments or reimbursements.
If you have information regarding a whistleblower/qui tam case in San Francisco or elsewhere in California, contact Ingrid M. Evans and the other California whistleblower attorneys at Evans Law Firm at (415) 441-8669, or by email at info@evanslaw.com. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We also handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.
