How to Report Financial Fraud as a Whistleblower

Learn What You Need to Know About Serving as a Financial Fraud Whistleblower

The United States government relies heavily on whistleblowers to help it uncover and prosecute financial fraud. This includes fraud that compromises the integrity of the U.S. financial system as well as fraud under federal contracts, grants, and programs. If you are aware of a possible violation of federal law, you may be able to help the government take appropriate action—and, if you provide original information that leads to a successful enforcement action, you may be eligible to receive a monetary award.

With that said, regardless of any monetary incentives that are available, exposing financial fraud is unquestionably the right thing to do. Several federal laws protect whistleblowers who report possible violations whether or not their reports lead to successful enforcement actions. Eligible individuals are entitled to strong confidentiality protections (and can come forward anonymously in some cases), and whistleblowers have clear grounds to take legal action against their employers if they suffer retaliation as a result of coming forward with credible information in good faith.

5 Key Facts for Potential Whistleblowers Who Have Information About Financial Fraud

If you are considering reporting financial fraud to the federal government, there is some important information you need to know. Here are five key facts for potential whistleblowers regardless of the specific circumstances at hand:

1. Current and Former Employees of Corporations, Partnerships, and Financial Institutions Can Serve as Whistleblowers

Anyone who has information about potential wrongdoing within a corporation, partnership, or financial institution can potentially file a whistleblower claim with the federal government. This includes current and former employees who have information about potential violations of federal statutes enacted by Congress or regulations adopted by federal agencies ranging from the U.S. Securities and Exchange Commission (SEC) to the U.S. Consumer Financial Protection Bureau (CFPB).

With this in mind, whistleblower complaints can involve financial fraud allegations of numerous forms. At Oberheiden P.C., we help whistleblowers disclose violations ranging from financial fraud committed against the federal government to financial fraud in securities disclosures and other public filings.

2. Multiple Federal Agencies Have Whistleblower Programs for Reporting Financial Fraud

The SEC and CFPB are just two of several federal agencies that have whistleblower programs for reporting financial fraud. All of these agencies conduct investigations in response to whistleblower complaints that meet their threshold filing criteria. If you are thinking about coming forward with information about financial fraud, we can help you determine where to file your complaint based on the specific information you are prepared to voluntarily provide.

3. The Steps Involved in Filing a Whistleblower Report Depend on the Whistleblower Office You Need to Contact

Determining where to file your whistleblower complaint will also determine the specific procedures you need to follow. Each federal agency has its own authorized procedures for filing a complaint and securing protected whistleblower status.

In some cases, whistleblowers who need to report specific forms of financial fraud (i.e., fraud under federal contracts, grants, and programs) may need to file their complaints in federal court under the False Claims Act. In these cases, the U.S. Department of Justice (DOJ) is responsible for conducting the government’s investigation and determining whether administrative proceedings or efforts to secure civil forfeiture and other monetary sanctions are warranted.

4. Anti-Retaliation Provisions Protect Employees from Reprisals at Work

Statutes such as the Dodd Frank Act that establish federal whistleblower programs also establish strong protections for whistleblowers. These protections apply regardless of whether whistleblowers’ complaints lead to government recoveries. The protections that are available are intended to incentivize whistleblowers to come forward, and they prohibit employers from discriminating or retaliating against employees based on their decision to blow the whistle.

5. Whistleblower Awards Are Available in Some Cases

Along with protections against discrimination and retaliation, federal laws also provide for whistleblower award payments in some cases. These award provisions are intended to further incentivize whistleblowers—although, for many whistleblowers, exposing financial fraud is incentive enough.

When whistleblower awards are available, they are typically calculated as a percentage of the monetary sanctions collected. This percentage is determined based on the extent of the whistleblower’s involvement in the government’s recovery of the proceeds collected, among other factors. If you are interested in learning about your eligibility for a whistleblower award should you decide to come forward, our attorneys can explain everything you need to know.

Our Services for Financial Fraud Whistleblowers Nationwide

Our attorneys provide full-service legal representation for prospective federal whistleblowers. If you have information about financial fraud and are interested in filing a complaint with a federal whistleblower office or under the False Claims Act in federal court, we can provide assistance including (but not limited to):

• Determining Your Eligibility to Serve as a Whistleblower – Before you come forward, it is critical to ensure that you are eligible to serve as a whistleblower. Our attorneys can assess your eligibility; and, if necessary, we can communicate with the relevant federal authorities to determine whether the information you are prepared to disclose qualifies as “original information” under the relevant whistleblower statute.
• Filing Your Whistleblower Claim or Qui Tam Complaint – If you are eligible to serve as a whistleblower and you decide to come forward, we can file your whistleblower claim with the appropriate federal agency. Alternatively, if the financial fraud you need to disclose falls under the False Claims Act, we can file your qui tam complaint in federal court.
• Working with the Government During Its Investigation – We have extensive experience working with federal agencies on behalf of our clients, and several of our attorneys previously prosecuted financial fraud at the U.S. Department of Justice (DOJ). Once you blow the whistle, we can serve as your liaison with the federal government.
• Protecting Your Confidentiality Throughout the Process – Eligible individuals who file whistleblower complaints with the federal government are entitled to strong confidentiality protections. We can help protect your confidentiality throughout the process; and, if necessary, we can take legal action to protect you against the consequences of wrongful discrimination or retaliation at work.
• Calculating Your Award Amount and Securing Payment (if Applicable) – If you become eligible to receive a whistleblower award, we can work with the government to calculate an appropriate award amount and secure payment of the money you are owed. While the federal government generally pays whistleblower awards when warranted, securing payment can prove to be a process in some cases.

FAQs: Blowing the Whistle on Financial Fraud

Schedule a Free and Confidential Consultation with a Federal Whistleblower Attorney at Oberheiden P.C.

At Oberheiden P.C., we provide legal representation for federal whistleblowers at no out-of-pocket cost. If you are interested in learning more about blowing the whistle on financial fraud, we encourage you to contact us for a free initial consultation. Call 866-680-1745 or tell us how we can reach you online to speak with one of our senior federal whistleblower attorneys in confidence as soon as possible.