The federal banking and investment laws exist to ensure an even playing field in the market. To ensure this equality, the Securities and Exchange Commission (SEC) has the power to investigate and punish violations of these laws. For example, the Dodd-Frank Act allows common citizens to come forward as whistleblowers when they believe that they have witnessed a violation of federal banking or investment laws. These people may even be eligible for a reward.
A Greenville SEC whistleblower lawyer wants to help you if you believe that you can blow the whistle on illegal banking activity. An attorney can work to investigate the claim, file a report with the SEC, and demand a reward through a writ of Qui Tam.
The Dodd-Frank Act went into effect in 2010 and significantly increased the power of the SEC to investigate and punish illegal financial activity. Despite this admirable goal, the SEC lacks the resources to investigate every instance of financial fraud and often relies on the tips of everyday citizens to initiate investigations.
Section 922 of the Dodd-Frank Act states that not only can individuals come forward as whistleblowers, but they may receive a reward if they do so. To initiate an investigation, whistleblowers must complete an online form here. This form requests information concerning the whistleblower, the firm, and the types of evidence that a whistleblower may be able to provide. A skilled Greenville SEC whistleblower attorney could help individuals to complete the form in a way that catches the attention of investigators.
Reporting apparent violations of federal banking and investment law is always the right thing to do. However, to sweeten the deal, the SEC can provide rewards to individuals who step forward as whistleblowers. This reward can be as much as 30 percent of the sanctions in the case but only apply if the conviction carries a monetary value of at least $1,000,000.
In addition, certain parties are ineligible to claim these rewards. Law enforcement personnel, members of the regulatory agencies, and employees of the Justice Department can never collect a reward through Qui Tam. Additionally, parties who are the subject of a criminal investigation tied to the incident, as well as those with a duty to report wrongdoing to the SEC, are ineligible. A knowledgeable Greenville SEC Qui Tam lawyer could help all other people to determine if they are eligible to collect a reward for serving as a whistleblower.
The SEC relies on tips from the general population to identify and punish violators of the federal banking and investment laws. These people should come forward with the knowledge that they are helping the government as well as that they may receive a reward.
Filing a complaint as a whistleblower and demanding a reward through a writ of Qui Tam can be a complex legal matter. Even so, a Greenville SEC whistleblower lawyer may be able to help. An attorney can work to decide if your information may constitute a new complaint under SEC rules. If it does, a lawyer can work with you to file an official complaint as well as demand an appropriate reward. Contact a Greenville SEC Qui Tam attorney today.