What You Need To Know About Dodd-Frank And Securities Fraud
One of the most underregulated areas of the economy is the securities market. Stocks, mortgages and other high-value assets represent a significant potential for fraud and misuse. But whistleblowers can take real steps toward curbing and stopping the unfettered abuse of these markets.
At Akeel & Valentine, PLC, we help our clients in Detroit and across the country take on abuses of the system that put the financial lives of everyday people at risk. We help whistleblowers file qui tam lawsuits and protect their livelihoods. We hold companies accountable when they’ve put their profits above the law and the public good.
How Does Dodd-Frank Work?
Dodd-Frank allows whistleblowers to anonymously report financial fraud to government agencies like the IRS, FTC and SEC. These whistleblowers may receive up to 30% of the fine charged to the company should the authorities find your company guilty.
Some examples of the types of issues whistleblowers take action to stop include:
- Money laundering
- Insider trading
- Financial scams like pyramid schemes and Ponzi schemes
- Foreign corruption
- Stock scams like naked short selling, and pump and dump
These scams and practices create instability and losses for people across the financial sector. Ambitious Ponzi schemes have been the leading cause of massive economic upheaval.
Protection From Retaliation
One of the major risks of being a whistleblower is the potential for employers to retaliate against whistleblowers in their ranks. While an anonymous filing should help with that, evidence in these cases is often confidential, and it can become obvious who the “leak” was. However, companies may not retaliate against whistleblowers.
If you file a qui tam lawsuit or report wrongdoing and your employer demotes you, cuts your pay and hours, or gives you the most unfavorable assignments, you do not have to take it. We will help you fight these attacks in and out of court.
Do The Right Thing With Our Help
When you’re ready to put a stop to the crimes and violations you’ve witnessed, reach out to us. We’ll help you build a plan of attack and hold your company accountable for the damage they’ve caused. Call us at 248-918-4542 or send an email using this form.