Fair play is especially important in the financial sector. The recent financial crash in 2008 stressed how vital this segment of the economy is and how reckless activities can impact the finances of people around the country.
The Securities and Exchange Commission (SEC) is the regulatory agency responsible for overseeing the financial sector. Following 2008, the Dodd-Frank Act expanded the powers and scope of this agency. In addition, it allowed for private citizens to serve as whistleblowers if they observed any violation of federal finance laws. These whistleblowers may even be eligible to collect a reward.
A Lexington SEC 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, and seeking out fair rewards using writs of Qui Tam.
The Dodd-Frank Act went into effect in 2010 following the 2008 financial crisis. The point of the Act was to prevent another financial failure by regulating the swaps market.
Additionally, 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.
A Lexington SEC whistleblower attorney could help individuals to better understand the Dodd-Frank Act and how it changes the legal landscape in the financial sector. An attorney could also work with employees considering becoming whistleblowers to help prevent potential retaliation.
The SEC often relies on whistleblowers to come forward with information that it is not able to discover on its own. This is because of the SEC’s limited resources as well as the information that workers for these companies can observe on a day-to-day basis.
As stated above, being a whistleblower can be an intimidating prospect, especially for people who are employees of companies committing financial crimes. To further encourage employees to come forward, the Dodd-Frank Act allows whistleblowers to demand rewards through 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. As a result, 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 Lexington SEC whistleblower lawyer could take the lead in helping whistleblowers seek out rewards in exchange for their information.
The financial sector is a major 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. It also enacted a law that allows private individuals to report violations of financial laws.
A Lexington SEC whistleblower lawyer may be able to help you if you believe that you have observed violations of SEC regulations. At the same time, they can work towards protecting your rights if you are an employee of a financial company violating the law. An attorney could even help you to collect a fair reward in exchange for your information using a writ of Qui Tam. Contact a Lexington SEC whistleblower lawyer today for more information.