Bank Fraud / SEC Whistleblower Lawsuit

In the wake of the financial crisis that devastated the nation’s economy in 2008, financial institutions, such as banks and investment firms, have found themselves under increasing close scrutiny by the United States Government. In order to combat fraudulent acts and practices by banks, the U.S. Government has come to rely heavily upon private individuals to come forward with information of corporate wrongdoing. Under the “Qui-Tam” provision of the Federal False Claims Act, a private person can initiate a “Whistleblower Lawsuit” against a bank or any other entity that is perpetrating a fraud against the government.

Commonly referred to as a “Whistleblower Award,” the Qui-Tam provision of the False Claims Act allows such persons coming forward with information of bank fraud to collect 10%-30% of the financial damages that the government recovers which, in certain instances, can be a substantial sum.

Who Can Recover a Bank Fraud Whistleblower Award through a Qui-Tam Action?

The False Claims Act allows any person who is aware of a fraud being perpetrated against the government to bring a Qui-Tam Lawsuit and recover a “Whistleblower Award;” provided certain conditions are met. The purpose of the Whistleblower Award is to provide a financial incentive for private individuals to bring forward information of acts and/or practices that defraud the American taxpayers. The financial award encourages brokers, financial advisors, former bank employees, current bank employees, branch office managers and others who have evidence of fraud to come forward with their knowledge. Individuals who have witnessed first-hand financial fraud can be eligible to receive a large monetary award for their information.

It is not necessary for the person bringing forth the information to be a company “insider” such as a corporate officer or a member of upper management to collect an award. While individuals with these titles can certainly bring a successful Qui-Tam action, the False Claims Act enables anyone who brings forth information of government fraud to be eligible to collect a Whistleblower Award.

If your information leads to a successful Qui-Tam action against a bank committing fraud against the government, you can recover up to 30% of the financial recovery via a Whistleblower Award – provided the fraud is properly reported. Whistleblower Awards are granted to persons who voluntarily make available evidence that leads to the successful enforcement of an SEC action. If the SEC action results in a sanction being handed down in an amount exceeding $1,000,000, federal law states that the Whistleblower shall receive a percentage (10% – 30%) of the recovery.

What is the First Step When Filing a Bank Fraud Whistleblower Lawsuit?

When bringing a Whistleblower Lawsuit against a financial institution or any other entity, it is important to file your Qui-Tam claim as early as possible. Under the False Claims Act, only the first individual coming forward with information of a specific fraud can proceed with a Whistleblower Lawsuit. Thus, time is of the essence when filing a Bank Fraud Whistleblower Lawsuit.

Once you have made the decision to come forward with information of fraud being committed by a bank or other financial institution against the government, it is important to obtain legal representation as early as possible. Whistle-blower lawsuits are very complex. In order to both protect your rights and successfully bring a Qui-Tam Action against the wrongdoers, individuals should seek an experienced Whistleblower Lawyer to handle their case. An experienced Whistleblower Lawyer will explain the laws that are in place to Protect Whistleblowers from the possibility of retaliation and will explain how to move forward with your case.

Bank Fraud Whistleblower Representation at the Law Firm of Altman & Altman, LLP

With over 40 years of experience, the Greater Boston Law Firm of Altman & Altman, LLP has represented thousands of clients in Massachusetts and throughout New England. At Altman & Altman, we appreciate the enormous amount of courage that it takes to bring acts of fraud to the attention of the appropriate authorities and recognize the important role that Whistleblowers play in combatting fraud. Our skillful team of seasoned litigators will aggressively pursue your Whistle-blower Lawsuit while simultaneously protecting you and your family from retaliation.

Our skillful team of Massachusetts based Whistleblower Lawsuit Lawyers will outline the Qui-Tam process and will fully explain your legal rights. In addition to providing clients with legal services aimed at successfully brining a Qui-Tam Action in order to receive a Whistleblower Award, our firm will work tirelessly to ensure that you and your family are shielded from unlawful retaliation of any kind. With offices conveniently located in Boston and Cambridge, our MA Whistleblower Attorneys have the ability to meet with our clients face-to-face to discuss their case.

If you know of a Bank fraud being committed by a company or an individual against the government, please Contact the Boston Whistleblower Law Firm of Altman & Altman to schedule a Free Initial Consultation with one of our experienced Qui-Tam Lawyers. During your free-of-charge initial consultation, our Boston Qui-Tam Attorneys will explain the process of filing a Whistle-blower Lawsuit and the Whistleblower Protections available at law for those bringing the fraudulent behavior of financial institutions into the light.

At Altman & Altman, we provide clients with the highest level of service and support. Our telephones are answered twenty four hours a day, seven days a week – including nights and weekends. In addition to being available by phone around the clock, all emails sent to the law firm of Altman & Altman, LLP receive an immediate response.