Whistleblowing Protections Offered By Dodd-Frank
Fischer Legal Group‘s attorneys have an extensive portfolio of protecting whistleblowers reporting fraud committed against federal or state agencies. The False Claims Act has saved taxpayers millions of dollars in illegal transactions. However, the federal act (and state-level False Claims Acts) does not protect individuals against fraud in the financial industry. The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010, aimed to protect individual private investors from losing their hard-earned savings from activities such as:
- Ponzi (pyramid) schemes
- Market manipulation
- Insider trading
- Promotion or sale of risky investments without providing due diligence
- Accounting fraud
- Falsifying financial reports or misleading public filings
Our firm can help you with a Dodd-Frank claim. We are aggressive litigators in the world of business, and we will support your claim with our legal diligence and our outstanding reputation.
Differences Between Dodd-Frank And The False Claims Act
While Dodd-Frank was modeled to a degree after the False Claims Act, there are several significant differences a potential whistleblower should be aware of, including:
- No court claims. Claims are filed with the appropriate federal agency, either the Securities Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
- Public information allowed. Individuals making a Dodd-Frank claim may use publicly available information on which to base their claim.
- All meaningful information are welcome. There is no “first come, first served” rule under Dodd-Frank. Anyone with valid information on a fraudulent activity can participate in making a claim.
- No private right to qui tam. A major difference between the False Claims Act and Dodd-Frank is that if the SEC or CFTC does not decide to pursue the case, the whistleblower does not have the right to pursue a qui tam action on their own.
Our attorneys can examine your claim and help you navigate the claims process. We understand if you have concerns about potential retaliation and treat our discussion with the utmost confidentiality.