Whistleblower Topic of the Week: Are whistleblowers required to testify in court?
The Dodd-Frank whistleblower programs of the SEC and the CFTC include significant protections for anonymity. A whistleblower can submit his or her complaint anonymously and both agencies will go to great lengths to protect that anonymity in perpetuity. But it is not a guarantee. Put simply, these whistleblower programs cannot guarantee anonymity because there are times where the SEC or CFTC must disclose the identity of a whistleblower. Those cases are the exception, and not the rule.
Our firm has represented clients who are whistleblowers under these Dodd-Frank programs and have had to testify in an enforcement proceedings.
In the CFTC trial currently underway against Oystacher and 3Red for illegal "spoofing" of markets, for example, at least one CFTC whistleblower has now had to testify in court.
The reality that a whistleblower, otherwise protected with anonymity, might have to be deposed or testify in open court is reason enough for whistleblowers to consult an experienced law firm that has been through the administration hearing and trial process with other Dodd-Frank whistleblowers.
HAVE MORE WHISTLEBLOWER QUESTIONS?
Hagens Berman represents whistleblowers under state and federal False Claims Act statutes, SEC and CFTC whistleblower programs and the IRS whistleblower program which reward citizens who report fraud and was responsible for obtaining one of the top five whistleblower settlements in history – a $1 billion victory against fraud. Whistleblower matters require attorneys with specialized knowledge and broad experience. Hagens Berman has 70+ attorneys in 10 offices and more than two decades of success against the world’s largest corporations and is best-positioned to handle all manner of whistleblower matters. Hagens Berman Whistleblower Team »
