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Blowing The Whistle On Fraud In The Banking Industry

The Department of Justice very actively pursues cases involving fraud in the banking industry, and through a law known as the Financial Institutions Anti-Fraud Enforcement Act, is authorized to pay very substantial rewards to whistleblowers that provide the Department of Justice with information about such fraud.

The law covers both fraud on banks, but also fraud by banks.  It also covers other types of unlawful conduct effecting banking, such as embezzlement of bank funds, or the payment of kickbacks to bank loan officers.

Under this banking whistleblower program, the Department of Justice can pay whistleblower awards of up to 30% of the amounts recovered by the government in banking fraud cases.

The law has a number of very unique procedures that govern how information has to be presented to the Department of Justice, which must be followed by a whistleblower who wishes to preserve his or her right to receive a reward. The whistleblower must also file a sworn statement with the Department of Justice, here in Washington, D.C. at its main headquarters, pursuant to those procedures.  It is also recommended that a qui tam whistleblower under this banking fraud program submit a legal memorandum to the Department of Justice, explaining the legal theories behind the case.

If you have information concerning a potential case involving banking fraud, do not hesitate to take action. It is possible that you might be able to bring your own lawsuit under the Financial Institutions Anti-Fraud Enforcement Act, acting as a whistleblower on behalf of the US government. Before filing your lawsuit, be sure to consult with an attorney familiar with the intricacies of this law, as these attorneys are best equipped to help protect your rights and help you gain your share of any monetary reward from a potential settlement.

At the law firm of Tycko & Zavareei LLP, we have handled a number of cases involving banking fraud and under the banking fraud whistleblower program. Our firm has handled matters under the banking fraud whistleblower program, and we’re knowledgeable about how that program is administered by DOJ. We understand that banking fraud cases often have a high level of financial complexity, and we believe our lawyers and staff have the sophistication to deal with that complexity.

If you would like to consult with one of our attorneys specializing in banking fraud, please fill out our Confidential Case Evaluation form, or call (202) 973-0900 to speak with a lawyer here at the law firm of Tycko & Zavareei LLP.