Security law related businesses are at increased risk for violations. The soon-to-be-signed Dodd-Frank Act financial reform package creates a new whistleblower program with potentially huge cash rewards for individuals who provide information about securities law violations to the Securities and Exchange Commission. The whistleblower program also covers violations of the Foreign Corrupt Practices Act, which lately has produced hundreds of millions of dollars in corporate penalties and settlements. Under the program, the SEC will pay whistleblowers cash rewards of between 10 percent and 30 percent of any monetary sanctions in excess of $1 million that the government, because of whistleblowers’ assistance, recovered through either civil or criminal proceedings. In addition, the program also extends to whistleblower disclosures of violations to the U.S. Commodity Futures Trading Commission.
Gabrielle L. Strich, Esq.
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