U.S. Attorney General Eric Holder is urging Congress to allow for larger rewards for individuals who provide evidence about crimes on Wall Street.
The 1989 Financial Institutions Reform, Recovery and Enforcement Act, known as FIRREA, caps payments to individuals at $1.6 million. Holder called that amount "a paltry sum" and not enough to entice individuals, mainly executives, to come forward with evidence and help the government prosecute crimes on Wall Street.
Holder is urging that FIRREA, which pertains to fraud against investors or consumers, be changed to resemble the False Claims Act, a law that offers whistleblowers as much as 30 percent of the amount recovered in settlements involving government fraud.
"This could significantly improve the Justice Department's ability to gather evidence of wrongdoing while complex financial crimes are still in progress, making it easier to complete investigations and to stop misconduct before it becomes so widespread that it foments the next crisis," Holder said in a speech at New York University's law school this week.
If you or someone you know has information involving fraud on Wall Street or of government funds, you should contact one of the experienced whistleblower lawyers at Ross Feller Casey immediately.
Ross Feller Casey is a Philadelphia law firm with a national reputation for winning major whistleblower cases, including those before the U.S. Securities and Exchange Commission.
Your ability to file a successful qui tam lawsuit could be limited, so the time to act is now. Ross Feller Casey handles whistleblower actions on a contingency basis, so there will never be a cost to you unless a financial recovery is made in your case.
To learn more, go to www.rossfellercasey.com/practice-areas/whistleblower-litigation/