September 26, 2022

Taylor Daily Press

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Cash for Gold Tip: Whistleblowers Get $200 Million Bonus |  Abroad

Cash for Gold Tip: Whistleblowers Get $200 Million Bonus | Abroad

The US Securities and Exchange Commission awarded $200 million (about 172 million euros) for a whistleblower. Bounty guides are common in the US, but this regulator hasn’t paid much money to report violations.




The whistleblower had reported fraudulent acts to the Commodity Futures Trading Commission. This stock market watchdog monitors futures and options contracts in the commodity and agricultural markets. The CFTC has long offered rewards for tips that help detect fraud and manipulation in the aforementioned markets.

However, since the law was adopted in 2010, the scheme has become more attractive to whistleblowers: they receive 10 to 30 percent of the proceeds from fines imposed thanks to the tip (tipping) provided.

More than $3 billion (€2.6 billion transferred) in tip money has already been paid out. The program was so successful that a few months ago the organizer was still in danger of running out of money after allocating more than $100 million (about 86 million euros) to a Deutsche Bank manager who would do so. Libor scandal exposed.

standard quantity

So it is important that a lot of money is paid back to the whistleblower. Initially, the request for compensation for gratuities was rejected by the SEC. However, at the insistence of the whistleblower, the case was again examined by the organization. The supervisor then reviewed this decision.

However, the identity of the person and the abuse revealed by the whistleblower remain a secret. This is the standard of the stock market watch rewards program.

Belgium

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According to the Federal Ombudsman, Belgium protects whistleblowers to a certain extent, but the new EU Whistleblower Directive presents an excellent opportunity to improve it. This directive states that a full national whistleblower scheme must be in effect in Belgium by December of this year. However, EU directives focus more on protecting (identity) whistleblowers than on rewarding whistleblowers. There is no such thing as a generous “cash for tips” program – as in the United States.

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