Whistleblower Lawyer Blog

"Taxpayer Protection False Claims Act" Is Signed Into Law in Georgia

Mon, 16 Apr 2012 11:57:19 -0500

The nation's newest state False Claims Act was signed into law today by Georgia Governor Nathan Deal, after passing unanimously in both houses of the legislature.

The "Georgia Taxpayer Protection False Claims Act" protects all taxpayer dollars spent not only by the State, but also by counties, municipalities, school districts, hospital authorities, and other local public bodies or entities.

Like the federal False Claims Act, this Act combats fraud and false claims against taxpayer funds by imposing "treble" damages and civil penalties of $5,500 to $11,000 for each false or fraudulent claim. It also provides rewards to whistleblowers.

Because I was asked to provide input on this bill and to testify at each legislative hearing, I was invited to today's signing. Also participating were Rep. Edward Lindsey, the chief legislative sponsor, and Rep. Matt Ramsey.

Participating in today's signing ceremony with Governor Nathan Deal are (from left) Rep. Matt Ramsey, Rep. Edward Lindsey, and Michael A. Sullivan of Finch McCranie, LLP.

Georgia Attorney General Sam Olens and his staff reportedly canvassed other state Attorneys General to discuss "best practices" in formulating such laws that protect against fraud. The Attorney General will have the authority to investigate violations and pursue these cases, and can delegate that authority to district attorneys or other local government lawyers to pursue violations that affect local government bodies.

The majority of states have enacted a state version of the False Claims Act, the nation's major "whistleblower" law. Until now, Georgia's State False Medicaid Claims Act applied only to Medicaid spending. (This bill, HR 822, also updated the State False Medicaid Claims Act to make it consistent with the federal False Claims Act after its 2009-2010 amendments.)

Compared to other states that have successfully recovered hundreds of millions of dollars under their state versions of the False Claims Act, to date Georgia has devoted far fewer resources to that effort. Because these laws add far more to state revenues than they cost in dollars to implement, Georgia's citizens will be best served if the Attorney General is provided substantial resources to stop those who would steal taxpayer funds, and to recover damages from those who commit fraud.

I commend Rep. Lindsey and the other legislative sponsors of the Georgia Taxpayer Protection False Claims Act. Now, it is up to both citizens and government officials to see that the law is used to stop and redress any significant fraud against taxpayers.

Damages and Penalties in Qui Tam Cases Under the False Claims Act to Be Addressed at ABA Conference

Fri, 30 Mar 2012 18:14:12 -0500

A critical issue in qui tam cases under the False Claims Act is how government lawyers and whistleblower attorneys prove damages caused by the fraud and false claims involved.

This whistleblowerlawyerblog's co-author MIchael A. Sullivan has been asked to moderate a panel discussion on "Recent Developments on Damages and Penalties" at a leading American Bar Association conference on the False Claims Act, the 2012 ABA National Institute on the Civil False Claims Act and Qui Tam Enforcement, on June 6-8, 2012 in Washington.

Joining me for this discussion of damages and penalties under the False Claims Act are Sara McLean, Assistant Director of the Commercial Litigation Branch of the Department of Justice; Paul Kaufman, Assistant United States Attorney for the Eastern District of New York; Jamie Bennett of Ashcraft & Gerel, LLP; Robert S. Salcido of Akin Gump Strauss Hauer & Feld LLP; and Katherine Lauer of Latham & Watkins LLP.

Our focus will be on calculating and proving FCA damages, especially in cases where the damages are not easily ascertainable, and the assessment of civil penalties. The FCA authorizes recovery of "treble" damages (three times actual damages) and penalties of $5,500 to $11,000 for each false or fraudulent claim.

For more information on the False Claims Act, please click here for our article that explains the Act in greater detail.

IRS Misses Golden Opportunity in Refusing to Modify Tax Whistleblower Rule

Tue, 21 Feb 2012 16:43:43 -0500

In a controversial decision today, the IRS squandered an opportunity to help close the tax gap by attracting more whistleblowers with significant information about large tax schemes. The public will suffer as a result.

Stubbornly, the IRS rejected calls for a common sense approach to rewarding tax whistleblowers, as it refused to modify a proposed rule that narrowly defines the categories of cases that should justify awards to whistleblowers.

At issue is what Congress meant by the term "collected proceeds"--an undefined phrase in the 2006 tax whistleblower law. This law unquestionably sought to expand the number and variety of whistleblower claims presented to the IRS.

As my colleague Richard Rubin and I pointed out in comments to the IRS, Senator Grassley modeled changes to this tax whistleblower law on the dramatically successful False Claims Act, the nation's major whistleblower law. That law has returned some $30 billion to the Treasury by rewarding whistleblowers who help unearth fraud against taxpayers, and helps deter future fraud.

Today, Senator Grassley saw that some in the IRS want to undermine his efforts and ignore Congress's plain intent--essentially supplanting Congress's role as lawmaker. The IRS announcement has insisted on a narrow reading of that phrase. It rejected the commonsense notion that any whistleblower who can help provide a "net benefit to the Treasury" should be rewarded.

To illustrate, although the IRS' own past guidance reveals that it formerly paid rewards based on criminal fines, it now has declared criminal fines off-limits from whistleblower rewards. The IRS also has refused to recognize all benefits provided in preventing improper use of net operating losses (NOLs), as well as a variety of other future benefits to the Treasury.

When Congress in 1986 amended the nation's major whistleblower law that helped inspire the new IRS Whistleblower Program, the False Claims Act, it took a few years before the Department of Justice realized just how essential encouraging and rewarding whistleblowers is to enforcement of the law.

We wish a speedy learning curve for the IRS. With a tax gap of more than $350 billion annually in owed but unpaid U.S. taxes, the public needs the IRS to heed Senator Grassley's words--that whistleblowers are to be welcomed--because the public sorely needs them.

Another Financial Fraud False Claims Act Case Nets Millions from Lender

Mon, 13 Feb 2012 23:03:48 -0500

Financial fraud cases under the False Claims Act continue. A Pennsylvania lender has agreed to pay $3.9 million in a False Claims Act case over alleged false statements in mortgage loan applications for loans insured by the U.S. Department of Housing and Urban Development (HUD). The loans were made to two nursing homes.

The government contended that Capmark Finance LLC misrepresented the borrowers' creditworthiness in these two applications for mortgage loans. When the loans defaulted, the FHA sustained losses.

The Financial Fraud Enforcement Task Force takes credit for this recovery. It was created to investigate and prosecute financial crimes.

It is fitting that false statements to obtain federally insured mortgage loans which result in losses to taxpayers are receiving scrutiny under the False Claims Act. The False Claims Act is the nation's major whistleblower law. Private citizen whistleblowers (known as "relators") who report fraud can share 15-25% of the government's recovery of damages.

In Largest False Claims Act Case Over Mortgage Fraud, Bank of America to Pay $1 Billion

Thu, 09 Feb 2012 23:31:35 -0500

Since the 2008 financial collapse, many have called for imposing liability on those whose fraud fueled the crisis.

In this early phase of what we predict will be a wave of financial fraud cases, the Justice Department announced today the largest False Claims Act settlement to date over mortgage fraud. Bank of America has agreed to pay $1 billion to resolve allegations that the Bank, through Countrywide Financial Corporation and some of its subsidiaries and affiliates, engaged in underwriting and origination mortgage fraud.

DOJ alleged that Countrywide knowingly made loans to unqualified home buyers and used inflated appraisals, thus causing hundreds of millions of dollars in damages to the Federal Housing Administration. The FHA insured the loans in question.

The U.S. Attorney's Office for the Eastern District of New York handled the case, as part of the Financial Fraud Enforcement Task Force. The DOJ announcement is linked here.

We congratulate those who brought about this recovery of taxpayer funds.

IRS Whistleblower Claims Explored at Heckerling Institute, the Leading Conference for Estate & Trust Lawyers and Estate Planners

Mon, 16 Jan 2012 21:42:31 -0500

The University of Miami's Heckerling Institute last week brought together the nation's leading estate planners, including attorneys, trust officers, accountants, insurance advisors, and wealth management professionals. For the first time, these estate planning professionals delved into how estate and gift tax issues are the subjects of many IRS Whistleblower claims.

This program was organized by Marty Basson, who recently retired from the IRS Whistleblower Office and hung out his shingle (now providing a wealth of knowledge to the private bar), after a distinguished career as the IRS authority on estate and gift tax issues.

Marty has long served on the Heckerling Institute faculty at the University of Miami. Marty is also a charter member of the IRS Estate and Gift Tax National Advisory Panel, a select group of IRS attorneys who assist in forming nationwide policy decisions in the estate and gift tax area.

Marty asked me to join him and Dawn Applebaum of the IRS Whistleblower Office for a Heckerling panel discussion last week on the IRS Whistleblower Program in the estate and gift tax arena. While a few professionals in attendance had already filed IRS Whistleblower claims, the vast majority had not.

Heckerling provided a first class forum to address many of the "hot" issues in the tax whistleblower program. I was honored to join Marty and Dawn as the private whistleblower attorney who provided the perspective of whistleblowers in the IRS Whistleblower Program.

Once Congress created the new IRS Whistleblower Program in December 2006, the IRS Whistleblower Office was unsure whether it would receive many estate tax and gift tax claims. It received far more estate and gift tax claims than anticipated.

Consider a typical case of a divorced couple who both know that a parent has hidden accounts offshore. When that parent dies, the estranged spouse knows that the offshore accounts will not likely appear on the estate tax return. Such information about tax evasion is very useful to the Service, so that honest taxpayers do not bear more than our fair share of the burden.

Our Heckerling discussion covered many, many aspects of the IRS Whistleblower Program in a spirited discussion that ran out of time. Marty was suddenly free to express his own observations, not simply the official position of the IRS.

Among the topics were recent Tax Court opinions on protecting the confidentiality of whistleblowers and of taxpayer information in appeals, and the protections of taxpayer information in proposed new Tax Court Rule 345.

I was asked to discuss steps to protect whistleblowers from criminal and civil liability, which has been an important issue in past presentations after UBS whistleblower Bradley Birkenfeld found himself prosecuted for a federal offense. Marty also asked me to discuss the view of numerous tax whistleblowers as their claims progress through the process.

How Whistleblowers in Qui Tam, IRS, and SEC Whistleblower Cases Must Protect Email Communications

Sun, 18 Dec 2011 15:24:02 -0500

At the Healthcare Fraud Institute this past week, I was asked to address what steps whistleblowers should take to ensure confidentiality of emails with their lawyers. Although qui tam cases under the False Claims Act were the focus of our discussion, the same principles apply to tax whistleblowers and SEC whistleblowers.

Potential whistleblowers should never use their company's email system, or any email account shared with or accessible to another person, for communicating with their attorney or for gathering information or evidence to report to the government.

Although the law encourages whistleblowers to report fraud, whistleblowers can create unnecessary problems for themselves by not following this rule.

First, emails between whistleblowers and their attorneys are privileged and confidential, but the privilege can disappear and be waived if the communication is disclosed to others.

Second, qui tam whistleblower cases under the False Claims Act are filed with a court order "sealing" the case from public view, while the government investigates. If an email accidentally exposes the case, the whistleblower may have violated the court's "seal" order.

Third, alerting a defendant company that the whistleblower has reported the company's fraud to the government is almost certain to provoke retaliation against an employee who is a whistleblower. Immediate suspension or firing often follows. Although the False Claims Act and the SEC and CFTC whistleblower laws create remedies for retaliation, those remedies take time to achieve. They will not pay the whistleblower's mortgage next month--or this year.

We advise all of our clients that they must protect the confidentiality of their emails. Many people do not realize that emails sent from a company's computer system usually leave some record, even if the employee is accessing a personal Gmail account.

Qui Tam Whistleblower Cases Under False Claims Act Explained

Thu, 01 Dec 2011 15:18:03 -0500

I have been asked to publicize a seminar at which I am speaking on handling qui tam whistleblower cases under the False Claims Act, the nation's primary whistleblower law addressing fraud that steals government funds. Here is the announcement:

AAJ will hold a "Qui Tam" Teleseminar on December 6, 2011 at 2:00 pm EST. With recently amended whistleblower laws and several high profile settlements, lawyers need to understand the procedural complexities and pitfalls in qui tam whistleblower cases. Cosponsored by the Qui Tam Litigation Group of AAJ, this teleseminar will provide an understanding this rapidly developing area of law.

View the agenda, faculty and register at www.justice.org/quitam. Use the promotion code QUITAM at online checkout to receive the special rate of $159.

2011 IRS Whistleblower Boot Camp Hears of Deputy Commissioner Steve Miller's "Desire for the Whistleblower Program to Grow"

Sun, 20 Nov 2011 14:52:33 -0500

At this past week's third annual "IRS Whistleblower Boot Camp," Deputy IRS Commissioner for Service and Enforcement Steven T. Miller spoke of his "desire for the whistleblower program to grow." A major announcement was that he would "push for" the IRS to begin using the expertise of whistleblowers who can help the IRS interpret information obtained in its audits..

In his remarks, Deputy Commissioner Miller described "offshore" tax abuses as a key area. He commented that whistleblower submissions have a "unique place" in "breaking bank secrecy."

With budget reductions, the IRS is looking for ways to "leverage" its efforts. According to Miller, whistleblower submissions in at least three areas can help:

1. Promotion of abusive tax shelters known to potential whistleblowers

2. Tax violations in which sophisticated information technology systems pose a barrier to the IRS, unless a whistleblower can explain them

3. Inadequate information reporting that is required of third parties, and that whistleblowers can address

When it "makes sense" for the IRS to use the whistleblower's expertise, Miller said he would encourage use of disclosure agreements with whistleblowers authorized under section 6103(n) of the Internal Revenue Code, which governs disclosure of taxpayer information. Examples he gave include review of information received in response to the Service's information document requests, or explanation of information technology issues known to the whistleblower.

Sen. Chuck Grassley recently urged the IRS to make better use of expertise and resources that whistleblowers and their lawyers can provide, as the Justice Department does in False Claims Act cases.

This year's IRS Whistleblower Boot Camp also included many other senior IRS officials. Whistleblower Office Director Steve Whitlock and his office's Special Counsel Debra Bowe were major participants.

Once again, the Office of Chief Counsel's Senior Counsel Tom Kane participated and was again very generous with his time, both during and after the program. He addressed various litigation issues that arise in whistleblower matters. Senior Program Analysts Dawn Applebaum and Kathy Onken also provided a great deal of knowledge and insight into how the program is operating.

The most fascinating issues to me were those involving the international and offshore efforts of the IRS, the subject of the session I moderated. On this panel, joining IRS Whistleblower Office director Steve Whitlock and Senior Analyst Dawn Applebaum were Toni Weirauch, Deputy Director of International Crimes in the IRS Criminal Investigation Division; and Donna Prestia of the new Global High Wealth Division. The attendees gained an appreciation of the considerations of representing whistleblowers who may be foreign nationals gathering evidence in ways that comport with U.S. law, but that may be contrary to other countries' bank secrecy laws.

My colleagues Erika Kelton, Paul Scott, Linda Stengle, and Margaret (Peggy) Finnerty deserve thanks for their excellent presentations as well.

Next IRS Whistleblower Boot Camp: Offshore and International Tax Whistleblower Issues and Latest Developments

Thu, 27 Oct 2011 12:05:43 -0500

Each year's "IRS Whistleblower Boot Camp" brings together senior officials of the IRS Whistleblower Office and tax whistleblower attorneys to explore the latest developments in the IRS Whistleblower Program. This year's Boot Camp is November 15, 2011 in Washington.

Of special interest this year is that Deputy IRS Commissioner for Services and Enforcement Steven T. Miller will participate for the first time. Other IRS officials participating include (in order of appearance):

--Stephen Whitlock, Director of the IRS Whistleblower Office
--Debra Bowe, Special Counsel to the Director of the IRS Whistleblower Office
--Thomas Kane, Senior Counsel, IRS Office of Chief Counsel
--Dawn Applebaum, Senior Program Analyst, IRS Whistleblower Office
--Kathy Onken, Senior Program Analyst, IRS Whistleblower Office

Once again, I am looking forward to leading a panel discussion, this time on International and Offshore Issues. Panelists will include Steve Whitlock, Director of the IRS Whistleblower Office; Dawn Applebaum of the Whistleblower Office; and a representative of the IRS Criminal Investigative Division with expertise in international and offshore tax cases.

Other sessions will discuss new developments, including the debate over the IRS "collected proceeds" regulation that was the subject of the May 11, 2011 public hearing; litigation issues; and "hot topics." My friends and colleagues Erika Kelton, Paul Scott, Linda Stengle, and Margaret Finnerty will also moderate panel discussions or serve as panelists.

Does Deputy Commissioner Miller's involvement signal that the IRS as a whole is increasingly recognizing the vast benefits of encouraging tax whistleblowers to come forward?

Anyone interested in closing the "tax gap" should hope so. We certainly welcome his participation in this effort to educate attorneys further about the "best practices" in pursuing IRS Whistleblower claims.

Qui Tam Whistleblower Cases, and the New Financial Whistleblower Programs by the SEC, CFTC, and IRS To Be Discussed at Whistleblower law Symposium

Mon, 26 Sep 2011 14:39:24 -0500

Every two years, attorneys prosecuting or defending qui tam whistleblower cases under the False Claims Act and other whistleblower laws gather for the Whistleblower Law Symposium.

We have written much about “qui tam” whistleblower cases under the False Claims Act. Since last year’s passage of the Dodd-Frank law, whistleblowers who help expose (1) violations of the securities laws or (2) commercial bribery of foreign government officials, now can receive rewards of 10-30% of money sanctions imposed under the new SEC Whistleblower Program. The new IRS Whistleblower program pays whistleblowers 15-30% of amounts recovered. These cases also help stop fraud against taxpayers and investors.

On October 21, an unusual group of national experts on these claims will gather for the Whistleblower Law Symposium, which our firm organizes every two years. Not only do we have senior attorneys from the Department of Justice and experienced whistleblower lawyers discussing qui tam cases, but the Director of the IRS Whistleblower Office Steve Whitlock will participate and explain the tax whistleblower program. Senior SEC attorneys also have stated that they wish to be part of our seminar to discuss the new SEC Whistleblower Program, and are seeking approval to participate.

This conference is broader in scope than any whistleblower law conference in the country of which I am aware, as we have a national faculty of lawyers on both sides of these cases, as well as some of the top government officials involved.

Registration is still open for those who want to register online here:

Please feel free to call or email me with any questions. The Agenda is below.

GAO Report Released on IRS Whistleblower Program: Raising--But Not Answering--the Fundamental Questions of What the Tax Whistleblower Program Needs to Be Most Effective

Fri, 09 Sep 2011 07:16:35 -0500

The promising new IRS Whistleblower Program that Congress authorized in December 2006 is the subject of a long-anticipated GAO Report released this morning.

Disappointingly, the report raised, but did not attempt to answer, fundamental questions that will determine whether the IRS realizes the full potential of the new program in helping close the "tax gap"--or settles for a fraction of what it can accomplish.

Inspired by the dramatic successes of the False Claims Act in combating fraud against the government through rewarding whistleblowers, Sen. Charles Grassley spearheaded the effort to create the first meaningful IRS Whistleblower Program in 2006.

Relying on data showing that whistleblower information had already proved extremely effective for the IRS (four cents invested produced one dollar in recoveries), Congress doubled reward percentages and made awards mandatory for whistleblowers. A small but impressive staff came together to run the program through the first IRS Whistleblower Office, led by Director Steve Whitlock.

Unfortunately, some in the IRS resisted implementing Congress' direction that the IRS expand the number and types of whistleblower claims that the IRS pursues, and are instead creating obstacles and delays that never existed before. Thus, Congress prompted GAO to inquire.

I was one of several attorneys whom GAO contacted, at the IRS Whistleblower Office's suggestion, to discuss these issues. I spent considerable time in more than one interview discussing what has made the False Claims Act so successful, and how the IRS can achieve similar success. We shared our written comments to the IRS at its recent hearing on the IRS Whistleblower rules.

The essential elements of any successful whistleblower program start with predictable and meaningful rewards to whistleblowers that are not left to the government's discretion. In addition, the success of the False Claims Act is in its "public-private partnership" model, which allows the government to leverage its scarce resources by working hand-in-hand with whistleblowers and their attorneys to address fraud. These principles translate to the IRS whistleblower claims process under existing law, and if needed Congress can tweak the privacy statute (26 U.S.C. section 6103) and still preserve appropriate taxpayer privacy.

GAO's report touches on these fundamental questions, but leaves them unanswered. Instead, it focuses on what its title suggests: "TAX WHISTLEBLOWERS:
Incomplete Data Hinders IRS's Ability to Manage Claim Processing Time and Enhance External Communication."

With no offense to the report's authors at GAO, better data collection by the IRS Whistleblower Office will not determine whether the next big tax fraud scheme remains undetected, or is exposed by a whistleblower. These fundamental principles underlying any successful whistleblower program must be incorporated, so that the IRS Whistleblower Office is empowered to do its job most effectively.

Whistleblower Lawyer and IRS Whistleblower Office Staff to Speak at 2012 Heckerling Institute on Estate Planning

Tue, 23 Aug 2011 13:19:34 -0500

The new IRS Whistleblower Program for tax whistleblowers will be featured for the first time at the nation's leading conference for estate planners, the Heckerling Institute on Estate Planning.

The Heckerling Institute is known as the country's "leading conference for estate planners, including attorneys, trust officers, accountants, insurance advisors, and wealth management professionals." This is the 46th Annual Institute, named after late Professor Philip E. Heckerling, founder of the University of Miami Law School’s Estate Planning Institute. The conference will take place from January 9-13, 2012.

The IRS Whistleblower Program will be the topic of a special session, "Anyone Can Whistle--What You Should Know About the Newly Revised IRS Whistleblower Program."

For years, Martin E. Basson, who is an Attorney-Advisor/Senior Analyst for the IRS National Whistleblower Office, has chaired a program for the Institute. I will join Marty and the IRS Whistleblower Office's Dawn M. Applebaum, for what I understand is the Institute's first program discussing the new IRS Whistleblower Program.

Marty Basson is known as the IRS Whistleblower Office's expert on estate and gift tax issues. Dawn Applebaum, a Management Analyst with the Whistleblower Office, has been excellent in other programs such as the Whistleblower Law Symposium and the IRS Whistleblower Boot Camp. I will be the tax whistleblower attorney on the panel, as we discuss this "developing area of tax practice, and the practical realities of developing and pursuing tax whistleblower claims."

Tax whistleblowers are making increasing use of the IRS Whistleblower Program to address tax fraud, tax evasion, and other violations of tax law. The estate tax area is fertile ground for these tax whistleblower claims, so this program should be especially interesting.

How the New CFTC Whistleblower Rules Will Operate

Fri, 05 Aug 2011 10:34:24 -0500

When the CFTC announced its final whistleblower rules yesterday, it answered many questions about how the new CFTC whistleblower program will work.

David Meister, the CFTC's Director of the Division of Enforcement, provided this summary according to the unofficial transcript our firm prepared of yesterday's CFTC public meeting:

The Commission will pay awards to eligible whistleblowers who provide original information to the Commission leading to a successful Commission enforcement action and the imposition of monetary sanctions in excess of $1 million.

Congress provided that the amount of the whistleblower award must be between 10% and 30% of sanctions collected in either the Commission action or related action as defined in the rules. The Commission has discretion in determining the amount of the award within that 10 – 30 percent range.

The rules set forth a number of factors that the Commission will consider in determining the amount of the award. These factors include the significance of the information; the degree of the whistleblower’s assistance; the Commission’s programmatic interest; whether the award enhances the Commission’s ability to enforce the Commodity Exchange Act, protect customers and encourage people to come forward with high quality information; and potential adverse incentives from oversized awards.

To be award eligible, a whistleblower is not required, under our recommendation-- a whistleblower is not required to report his information internally to his employer. Staff believes that such a requirement would deter some whistleblowers from coming forward, which would undermine congressional intent.

CFTC Announces Final Whistleblower Rules, Rejects "Mandatory Internal Reporting" by Whistleblowers

Thu, 04 Aug 2011 07:17:50 -0500

The final whistleblower rules of the Commodities Futures Trading Commission (CFTC) are being announced now at a CFTC open meeting. Like the SEC, the CFTC has rejected any provision that whistleblowers be required first to report internally the violations in question, but will treat internal reporting as a "positive" consideration in its awards.

The alternative pushed by business would have required all CFTC whistleblowers first to risk career suicide by reporting the boss’s wrongdoing to the boss himself.

Industry’s approach would have made the Commission the laughing stock of law enforcement, since no rational person with a career and a mortgage would risk reporting even major fraud with that requirement.

Fortunately, the CFTC put first its responsibility to protect the public, and is taking seriously its law enforcement duties by seeking to root out major frauds.

Madoff, Stanford, and the other major frauds of the past decade prove that internal compliance programs cannot protect the public. That is why Congress in Dodd-Frank demanded the first meaningful SEC and CFTC whistleblower programs.

We applaud the CFTC on this important stand, and look forward to reviewing the text of the final rules when made available.