Fair play is essential in the financial sector. The recent economic crash in 2008 stressed how vital this segment of the economy is and how reckless activities can impact people around the country. The Securities and Exchange Commission (SEC) is the regulatory agency responsible for overseeing the financial sector. The Commodities Futures Trading Commission (CFTC) also plays a role in monitoring financial transactions at the federal level.
A Columbia financial industry whistleblower lawyer could help people who want to report violations of federal financial laws. This may include performing an in-depth examination of the facts of the case, filing reports with the SEC or CFTC, and seeking out fair rewards using the writs of Qui Tam. Reach out to our firm today to speak with our qualified whistleblower attorneys.
The Dodd-Frank Act went into effect in 2010 following the 2008 financial crisis. The act aimed to prevent another financial failure by regulating the swaps market. In addition, Section 922 of the act created protections for people who are employees in the financial sector. Specifically, it outlaws any employer from retaliating against a party who blows the whistle on illegal activities. This retaliation may include firing, demotion, harassment, or transfers.
The Commodity Exchange Act functions in a similar way regarding the futures market. It also contains provisions allowing everyday citizens to come forward with information about apparent illegal activity. Just like Dodd-Frank, it prohibits employers from retaliating against workers who provide information to the government.
A Columbia financial industry whistleblower attorney could help individuals better understand the Dodd-Frank Act and CFTC rules. They could also work with employees considering becoming whistleblowers to help prevent potential retaliation.
The SEC and CFTC often rely on whistleblowers to come forward with information they cannot discover on their own. This is because of the agencies’ limited resources as well as the information that workers for these companies can observe on a day-to-day basis.
Being a whistleblower can be an intimidating prospect, especially for employees of companies committing financial crimes. To further encourage individuals to come forward, federal law allows whistleblowers to demand rewards through the writs of Qui Tam.
A writ of Qui Tam informs the government that a person is formally requesting a reward in exchange for their information. If a whistleblower’s information leads to a conviction, that party may claim a reward for up to 30 percent of the value recovered in the case as long as the total value is at least $1,000,000. A knowledgeable Columbia attorney could take the lead in helping financial industry whistleblowers seek out rewards in exchange for their information.
The financial sector is a significant source of illegal activity. This was so bad leading up to and following the 2008 financial crisis that the Dodd-Frank Act increased the powers of the Securities and Exchange Commission. Similar rules apply to the futures market under CFTC regulations.
A Columbia financial industry whistleblower lawyer could help you if you believe that you have observed violations of SEC or CFTC regulations. At the same time, they can work towards protecting your rights if you are an employee of a financial company violating the law. Our attorneys could even help you to collect a fair reward in exchange for your information using a writ of Qui Tam. Contact our firm to learn more about how we can put our decades of experience in whistleblower law to use for you.