Commodity Futures Trading Commission Wants Whistleblower Help
Individuals May Submit Reward Claims
Information Can Lead To Investigation Even If Not Exact
The U.S. Commodity Futures Trading Commission (CFTC) rewards individuals who provide original information to the CFTC of fraud in the trading of commodities and precious metals like gold, options trading, and currency trading including trading in virtual currencies like Bitcoin. If you have credible information of any sort of currency or commodity trading fraud (including investment pools, gold, futures, options, or virtual currencies like Bitcoins, for example) call the CFTC whistleblower attorneys at Evans Law Firm, Inc. today at (415)441-8669.
The CFTC this week alerted all investors to be especially causes during the COVID-19 pandemic of fraudsters who will use the crisis to promote fraudulent trades and investments. The agency drew special attention to some of the common tactics of such fraud:
• Oversized returns. This is the “wow factor.” The promise of big money is often paired with guarantees or promises of little or no risk.
• Urgency. Fraudsters commonly push traders to act now, before market conditions change. Fear of missing out is a strong motivator, which is why this tactic is used so often. Pressure to act quickly should signal you to tap the brakes. Verify what you’re told. Get it in writing. And, get opinions from others you trust.
• Credibility building. Would you give your money to just anyone? No. That’s why fraudsters generally use vague, unverifiable credentials such as “hedge fund genius,” “trading legend,” or “advisor to the biggest firms on Wall Street.” Check to see if the individual is registered with the CFTC or other regulators at cftc.gov/check.
• Testimonials. Web platforms prominently display customer reviews. Social media pages show screen shots of happy customer statements showing hefty returns. These are also intended to gain your confidence by confirming other “real” people are doing this and succeeding, so it must be okay.
• Reciprocity. Scams commonly offer a free gift in exchange for an email address. It could be a free demo, a free course or book, a few tokens, or other promises. However, once the fraudsters have the email address they go to work. The offers and asks get bigger and more frequent—until victims are bled dry.
If you have credible information of gold, commodities, securities, banking, or tax fraud in California call the Evans Law Firm whistleblower attorneys today at (415)441-8669 and we can help. 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. The government keeps whistleblower identity confidential as long as possible under the law and whistleblower laws protect whistleblowers from retaliation by their employers. Our lawyers represent whistleblowers in their underlying whistleblower actions and also in any lawsuit for wrongful termination or other retaliation by their employer.