CFTC Alert! CFTC Whistleblower Office Director Christopher Ehrman Steps Down. In Almost Exactly 10 Years as the Director, Led 36 Award Grants Totaling $330M Since its First Award in 2014. In Comparison, The SEC Led 328 Awards of $1.3B Since 2012
https://www.cftc.gov/PressRoom/PressReleases/8751-23
The Commodity Futures Trading Commission today announced the Director of the Whistleblower Office Christopher Ehrman will step down from his role today. Mr. Ehrman has led the Whistleblower Office since joining the agency in 2013.
โI am grateful to Chris for his dedication to public service here at the CFTC,โ said Chairman Rostin Behnam. โThe Whistleblower Office, the Division of Enforcement, and market participants have all benefited tremendously from his leadership, insight, and many contributions to the work of our agency.โ
โWhistleblower tips play a critical role in the Divisionโs ability to detect wrongdoing, hold wrongdoers accountable, and promote confidence in our markets,โ said Ian McGinley, Director of the Division of Enforcement. โDuring Chrisโ tenure, the number and quality of tips soared, benefitting the Enforcement program greatly.โ
Upon Mr. Ehrmanโs departure, the Associate Director of the Whistleblower Office, Christina McGlosson, will serve as Acting Director. Ms. McGlosson recently returned to the CFTC after nearly two years in the private sector. Before that, she served as the Associate Director of the Whistleblower Office from 2017 until 2021.Almost 10 year ago to the day to when he was appointed to the role:
https://www.cftc.gov/PressRoom/PressReleases/6647-13How has he done?
The CFTC Whistleblower Program made history in the period from October 1, 2021, through September 30, 2022, with the issuance of a record-breaking award of nearly $200 million to a single whistleblower, the largest whistleblower award ever granted under the Dodd-Frank Act.
- This award surpasses any award previously paid out by either the CFTC or the U.S. Securities and Exchange Commission (SEC) since the Dodd-Frank Act established whistleblower programs at the CFTC and SEC.
- With that award and others issued during the period, the total sanctions ordered in all whistleblower-related enforcement actions surpassed the $3 billion milestone
During the period, the CFTC granted 10 applications for whistleblower awards, totaling more than $200 million, to individuals who voluntarily provided original information that led to successful enforcement actions.
- The CFTC issued a total of 42 Final Orders addressing 58 whistleblower award applications submitted on Form WB-APP, and an additional 36 WB-APPs were withdrawn.
- Of those 58 Forms WB-APP addressed, 10 were granted, and the remaining 48 were denied.
- The Whistleblower Office (WBO) received 1,506 whistleblower tips and complaints on Form TCR during the period, representing an increase of more than 50% over the prior fiscal year.
- Since the inception of the Whistleblower Program and first award in 2014 (Ehrman's watch), the CFTC has issued 36 orders granting awards totaling more than $330 million.
- For comparison, since the inception of its program in 2012, the SEC has paid more than $1.3 billion in 328 awards to whistleblowers.TLDRS:
- CFTC announced the Director of the Whistleblower Office Christopher Ehrman will step down from his role today. Mr. Ehrman has led the Whistleblower Office since joining the agency in 2013.
- Since the inception of the Whistleblower Program and first award in 2014 (Ehrman's watch), the CFTC has issued 36 orders granting awards totaling more than $330 million.
- For comparison, since the inception of its program in 2012, the SEC has paid more than $1.3 billion in 328 awards to whistleblowers.
