Financial & Tax Whistleblowers
The SEC Whistleblower Program also called the Dodd-Frank Wall Street Reform and Consumer Protection Act
On July 21, 2010, President Barack Obama signed into law a series of financial reforms that were codified into the Dodd-Frank Wall Street Reform and Consumer Protection Act (Referred to as the Dodd-Frank Act). The law was sponsored by Congressman Barney Frank and Senator Chris Dodd for which it is named. The most sweeping overhaul of financial regulation in the United States since the Depression, the Dodd-Frank Act includes provisions that affect nearly every aspect of the financial industry and the federal agencies that regulate it.
The SEC has broad jurisdiction over a wide range of industries and entities. While it is common to associate the financial services industry with SEC regulations, a successful enforcement action can be brought against any entity that violates the federal securities laws. Common violations that may lead to SEC investigations and related enforcement actions include: misrepresenting or omitting important information about securities, manipulating the market prices of securities, stealing customer funds or securities, violating broker-dealers' responsibility to treat customers fairly, engaging in insider trading, selling unregistered securities, and bribing foreign officials. Under the Dodd-Frank whistleblower program, the Securities and Exchange Commission must pay awards to eligible whistleblowers in the amount of 10-30% of the monetary penalties and fines collected in which the monetary sanctions exceed $1 million. The Act also prohibits retaliation by employers against whistleblowers that report potential violations of the federal securities laws.
- SEC Fraud
- Stocks, Bonds and Banking Fraud
- Mortgage and Loan Fraud
- Tax Fraud
- IRS Claims Fraud
- Investor/ Financial Fraud
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