Commodities Online LLC Scam Advises On The Dodd-Frank Act
A new program to encourage whistleblowers to report fraud in connection with the sale of commodities.
- (1888PressRelease) November 05, 2010 - Commodity Futures Trading Commission (CFTC), there is an increase in the number of deceptive offers that falsely promise high profits with low risks. Many of these offers target ethnic communities, using their languages.
The CFTC suggests that consumers carefully investigate any firm that offers to sell commodities or commodity futures or options and promises high profits, with no risks. They might be selling precious metals, such as silver or gold, or foreign currency, such as Euros, Yen or Deutschmarks. They also might be selling other commodities such as crude oil, heating oil, unleaded gas, or agricultural products such as corn, soybeans or cattle. The firm might offer to manage your money for you to trade in commodity futures or options, or to pool your money with other customers. If a firm offers any of these investments, and promises high profits and low risks, or claims that they have made profits for all of their customers, you should not believe them without proof. The commodities and futures markets are very risky, and you could lose your entire investment very quickly.
The Dodd-Frank Act establishes a new program to encourage whistleblowers to report fraud in connection with the sale of commodities. Under this program, whistleblowers may disclose information relating to commodities fraud to the Commodity Futures Trading Commission (CFTC). As is the case with the SEC's program, if the information leads to a successful judicial or administrative action, then the CFTC will award the whistleblower between 10-30% of the total amount of monetary sanctions obtained by the Government. But like the SEC program, a whistleblower is only entitled to an award under the CFTC's program if the judicial or administrative action results in monetary sanctions that exceed $1,000,000.
In order to further protect whistleblowers from retaliation, the Act allows a whistleblower to anonymously submit information to the SEC or CFTC, as long as the whistleblower is represented by an attorney who submits the information on the whistleblower's behalf. The SEC, CFTC, and any other government agencies assisting the SEC or CFTC in an investigation must also keep the information provided by the whistleblower confidential until the SEC or CFTC is required to disclose the information in connection with a public proceeding.
For more info:
http://www.commoditiesonlinellcscam.org
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