U.S. derivatives regulators are seeking whistleblower claims in a series of cases, including a recent enforcement action against Royal Bank of Canada (TSX:RY).
The U.S. Commodity Futures Trading Commission (CFTC) said Friday that individuals can submit whistleblower award claims within the next 90 days in several cases, including the case involving alleged wash sales and non-competitive transactions against RBC.
The commission considers whistleblower claims in any enforcement action that generates at least US$1 million in sanctions. Under the CFTC’s whistleblower program, individuals who voluntarily provided the commission with original information that led to the successful enforcement action can claim a whistleblower award. Claims in the cases announced Friday are due by June 18.
Back in December, a U.S. court ordered RBC to pay US$35 million for engaging in more than 1,000 illegal wash sales, fictitious sales, and noncompetitive transactions over a three-year period.That decision was handed down by a judge in the U.S. District Court for the Southern District of New York in a case brought by the CFTC.