Few industries have more horror stories about fraud and misdeeds than the financial sector. To prevent the next catastrophe that impacts the global economy, the federal government has turned to whistleblowers to hold wrongdoers accountable for their actions.

Under the False Claims Act, you may be entitled to a monetary reward for providing the authorities with evidence of fraud. With this, you have protection from retaliation through the Dodd-Frank Act and other federal statutes, something a diligent whistleblower attorney could further explain. Get help navigating the claims process from a Lexington financial industry whistleblower lawyer today.

Understanding Fraud in the Financial Sector

The financial industry covers everything from investment houses to credit card companies and provides countless opportunities for fraudulent behavior. Money and securities are traded daily, and policing these transactions is virtually impossible.

The government relies on whistleblowers within the industry because of the wide range of possible wrongdoing. Often, workers will file a claim based on the illegal actions of their boss or supervisor.

Other violations might include fraudulent loans by bank employees or prospective borrowers. Some lenders work with consumers to wrongfully apply for loans they do not qualify for.

In addition to doing the right thing, informing the government of suspected fraud or wrongdoing can bring notable financial rewards. A financial industry whistleblower could enlist the help of a Lexington lawyer to document suspected fraud and build a solid claim for compensation.

Filing a Qui Tam Claim

Most citizens have the opportunity to file a “qui tam” lawsuit after reporting violations of the False Claims Act. When a whistleblower assists the government in recouping fines and penalties from wrongdoers, they may be able to receive financial rewards. This usually comes in the form of 15 to 30 percent of what the government recovers using the provided information.

Not everyone is entitled to pursue this type of legal action. Law enforcement officers who already have a duty to report these acts cannot profit from this obligation, and the same is true for the subject of a criminal investigation.

It is important to note that a monetary reward is only obtainable in cases where a criminal prosecution or administration action was successful, and funds were recovered from the violator. An attorney in Lexington who handles financial industry whistleblower cases could help file a Qui Tam claim that includes all of the necessary information.

Dealing With Retaliation

Employers often retaliate when they learn that an employee cooperated with the authorities to expose their fraud. Recognizing this issue, the federal government implemented measures to protect these individuals from unfair treatment. There are prohibitions against termination, threats, intimidation, or unreasonable discipline in response to a worker blowing the whistle on violations.

When retaliation does occur, several remedies may be available. In cases of termination, this can involve reinstatement to a position and back pay. A Lexington lawyer could help a financial industry whistleblower hold their employer accountable for this type of mistreatment.

Get in Touch With a Lexington Financial Industry Whistleblower Attorney Today

Many factors and legalities must be considered before filing a qui tam lawsuit against your employer. A knowledgeable legal counsel could help you pursue compensation for your cooperation while protecting your career. Connect with a Lexington financial industry whistleblower lawyer today for a private consultation to discuss your potential claim.

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