In cases of fraud within the financial services industry, whistleblower immunity is provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act
In cases of fraud within the financial services industry, whistleblower immunity is provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act, aka the Securities Exchange Commission (SEC) Whistleblower Law. Former President Barack Obama signed this federal regulation into law in 2010. The SEC Whistleblower Act also allows the SEC a “whistleblower bounty program.” This allows people who provide information that leads to successful SEC enforcement to receive up to thirty percent of the fiscal sanctions that total over 1M.
In 1863, Congress passed the False Claims Act, aka The Lincoln Law to hold guilty parties responsible when they commit fraud against the United States government and its programs. The FCA comprises “qui tam,” which is short for a Latin expression that translates as “he who brings a case on behalf of our lord the King, as well as for himself.” The qui tam provision permits unaffiliated citizens to take legal action on the government’s behalf. Today, this is called “whistleblowing,” as the person is calling out fraud, or “blowing the whistle” on crime. The “qui tam” provision of the False Claims Act allows citizens not only to sue on behalf of the government but also collect a portion of compensation.
Independent of the False Claims Act, new laws are now in place to ensure whistleblower immunity for people who report IRS fraud referred to as the IRS Whistleblower Law. These laws have had a positive influence on society by bringing widespread corruption to light in the Government and Healthcare industry.
If you’d like to report government fraud, the Atlanta whistleblower lawyers at The Law Offices of Robert A. Rivers are waiting to hear from you.
