Financial Fraud Whistleblower Reward Lawyer Represents Financial Fraud Whistleblowers Including Financial Services Professionals, Accountants, Brokers, Auditors, and Investors Who Want to Expose Significant Financial Fraud Schemes by Texas Financial Fraud Whistleblower Reward Lawyer Jason Coomer
Whistleblower Reward Laws target several types of financial fraud. More specifically, the several governmental agencies are offering financial incentives to whistleblowers who expose systematic financial fraud in our financial markets. This financial fraud can include several different types of illegal conduct including investment fraud, market manipulation schemes, violations of the Securities Exchange Act, violations of the Commodity Exchange Act, and other types of financial fraud. Further, the fraud needs to be significant meaning the financal fraud has to be at least over $1 million and preferrably over $5 million. Further, to earn financial rewards the financial fraud whistleblowers need to volunatarily expose the fraud and have original information regarding the fraud. These whistleblowers can expose these financial fraud schemes anonymously through a lawyer and in many instances still receive financial rewards. If you have original information of a significant financial fraud scheme, please feel free to contact Financial Fraud Whistleblower Lawyer Jason Coomer via e-mail message or use our submission form
What is Financial Fraud and What Types of Financial Fraud Apply to Whistleblower Reward Laws, Private Causes of Action, or Both?
There are many different types of financial fraud. Not all types of financial fraud qualify for whistleblower rewards. To qualify for whistleblower rewards financial fraud needs to be significant over $1 million. Further, it needs to be committed by a large publicly held corporation or a corporate or individual who is committing fraud in the United States financial markets. More specifically, the SEC, CFTC, or another government agency must have some type of control, oversight, or relationship with the person or entity that is committing the financial fraud. As there are numerous types of financial fraud that qualify for whistleblower reward laws, if you are aware of a specific financial fraud scheme, you can contact a lawyer to determine if it may qualify for a potential reward.
Additionally, there are several types of financial fraud that may have private causes of action. If you or your family have been the victim of financial fraud regarding an investment, purchase, or financial abuse, it can be helpful to contact a lawyer to review your potential financial fraud case. Please keep in mind that sometimes there are both private and whistleblower causes of action that may apply to financial fraud.
History of the Dodd-Frank Wall Street Reform and Consumer Protection
In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law which includes significant new financial fraud bounty whistleblower provisions. These provisions create economic incentives for SEC violation whistleblowers and other financial fraud whistleblowers with "original information" of SEC violations and financial fraud to blow the on large scale financial fraud and SEC violations.
These SEC bounty claims must be brought voluntarily under the SEC Bounty Programs by one or more individuals. Successful SEC violation bounty whistleblowers and financial fraud whistleblowers can collect financial rewards for whistleblower bounty actions that result in the imposition of monetary sanctions of greater than $1 million dollars. This new financial fraud SEC bounty program is called the "Securities Whistleblower Incentives and Protection".
Financial Fraud Whistleblowers Can Earn Large Financial Rewards
Through SEC Whistleblower Bounty Actions the SEC will award between ten percent and thirty percent of the money collected to a qualified whistleblower who voluntarily provides the SEC with original information about a violation of the securities laws that leads to a successful enforcement of an action brought by the SEC that results in monetary sanctions exceeding $1,000,000.00.
So long as the financial fraud whistleblower or financial fraud whistleblowers base their claims on "original information", any person (not just an employee or insider) may file a SEC financial fraud bounty claim. Further, if the financial fraud whistleblower is represented by an attorney, the whistleblower may file the financial fraud bounty claim anonymously.
There Are Several Whistleblower Reward Laws That May Apply to Different Financial Fraud Situaions
There are several different types of whistleblower reward laws that may apply to financial fraud situations including SEC bounty actions, CFTC bounty actions, Federal False Claims Act violations, IRS Fraud violations, and several state whistleblower reward laws. Many of these laws define "obligation" to include "an established duty, whether or not fixed," arising from a variety of relationships, and specifically includes obligations "arising from statute or regulation, or from the retention of any overpayment." This change allows the government and whistleblower to pursue violations of regulatory statutes with penalty provisions as False Claims Act Case and pursue false documents which are "material to an obligation to pay or transmit money...to the Government" regardless of whether a false claim has been submitted. For example, a government contractor who backdates records to support a claim already submitted could be liable under this expansion.
Many of these laws also have anti-retaliation provisions for employees including "contractors and agents" who "act to stop one or more violations." This whistleblower protection extend to contractors in government-funded managed care plans who take action to stop false reporting or illegal denial of service by the plan.
Economic Incentives for Financial Fraud Whistleblowers Are Designed to Detect Hidden Financial Fraud Schemes in the Financial Markets
When a government imposes a penalty, for the doing or not doing an act, and gives that penalty in part to whistleblowers that will sue for the same, and the other part of the recovery goes to the government, and makes it recoverable by action, such actions are called "qui tam actions", the plaintiff is suing on their own behalf as well for the government and taxpayers.
Qui tam provisions of the False Claims Act are based on the theory that one of the least expensive and most effective means of preventing frauds on taxpayers and the government is to make the perpetrators of government fraud liable to actions by private persons acting under the strong stimulus of personal ill will or the hope of gain. The strong public policy behind creating an economic gain for whistleblowers is that the government would be significantly less likely to learn of the allegations of fraud, but for persons in certain positions with specialized knowledge of fraud that has been committed. Congress has made it clear that creating this economic incentive is beneficial not only for the government, taxpayers, and the realtor, but is an efficient method of regulating government to prevent fraud and fraudulent schemes.
The central purpose of the qui tam provisions of the False Claims Act is to set up incentives to supplement government regulation and enforcement by encouraging whistleblowers with specialized knowledge of fraud going on in the government to blow the whistle on the crime.
The whistleblower's share of recovery is a maximum of 30 percent and the government's prior knowledge of fraud now does not necessarily bar a whistleblower from collecting lost revenue. If the government takes over the lawsuit, the relator can "continue as a party to the action." The defendant is also required to pay for the relator's attorney fees. The whistleblower is also protected from retaliatory actions by his or her employer. As a result a 1986 amendment to the False Claims Act, qui tam lawsuits have increased dramatically. Though the amendment was first made for corrupt defense contractors, the amendment has uncovered billions of dollars in health care fraud and will probably apply to fraudulently obtained TARP and Bail Out Funds.
Whistleblower Reward Laws Have Collected Over $40 Billion From Fraud and Other Illegal Conduct
Through Federal False Claims Act Whistleblower Lawsuits, Qui Tam Lawsuits, and other Government Fraud Lawsuits, tens of billions of dollars have been recovered from fraudulent government contractors and corporations that have committed fraud and stolen large amounts of money from the government and taxpayers. It is extremely important that Whistleblowers continue to expose fraudulent billing practices and unnecessary treatments that cost billions of dollars. If you are aware of a large investment company, hedge fund, bank, financial institution, government contractor that is defrauding investors or the United States Government out of millions or billions of dollars, please feel free to contact Texas Financial Fraud Whistleblower Lawyer Jason Coomer.
As A Fiancial Fraud Whistleblower Reward Lawyer Jason Coomer Works With Professionals and Lawyers From Throughout The United States and the World
As a Financial Fraud Whistleblower Lawyer, Jason Coomer works with whistleblowers and lawyers from throughout the United States and the World. If you are aware of Medicare Fraud, Defense Contractor Fraud, Stimulus Fraud, Government Contractor Fraud, or other government fraud and are the original source with special knowledge of fraud, please feel free to contact Financial Fraud Whistleblower Reward Lawyer Jason Coomer via e-mail message or our submission form. For more information on other types of whistleblower reward lawsuits, please go to the following webpages Whistleblower Reward Lawyer, Health Care Fraud lawsuit, Medicare and Medicaid Fraud Lawsuits, Defense Contract Fraud Lawsuits, or other Government Fraud Lawsuits.
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