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Financial Fraud: Qui Tam Lawsuits Explained

Fraud has affected our country’s financial markets in the recent years. If you have knowledge about commodities, banking, lending, and securities fraud, you may want to file a False Claims case as soon as possible to do the right thing and become eligible for a whistleblower reward.

Qui tam attorney Jon Tycko explains financial fraud and the avenues for reporting this type of fraud.

Watch the video or read the transcript below.

February 2023
Financial Fraud

Video Transcript

Speaker: Tycko & Zavareei LLP Partner Jonathan Tycko

In recent years, frauds affecting the country’s financial markets and systems have become a particular focus of whistleblower reward programs. A whistleblower in the securities, commodities, lending or banking industries is able to turn to government agencies with their information. And if those agencies obtain a recovery as a result, the whistleblower can earn large rewards.

What Are the Ways of Reporting Financial Fraud?

Currently, at least five major avenues for reporting these types of frauds exist:

  1. The False Claims Act: If the fraud involves the mortgage lending industry or other areas in which the government provides funding or guarantees to lenders or insurers, it may trigger liability under the False Claims Act.
  2. The SEC Whistleblower Program covers violations of the securities laws or of the Foreign Corrupt Practices Act, and those may be reported to the SEC.
  3. Violations of the laws governing commodities futures and other violations of the Commodities Exchange Act may be reported directly to the CFTC.
  4. Fraud in the banking industry may be reported to the Department of Justice.
  5. And finally, violations of anti-money laundering requirements or other violations of the Bank Secrecy Act can be reported directly to the Treasury Department.

Why Should I Consult a Qui Tam Lawyer?

These programs have a number of factors in common. Two of the most important being, first, that rewards in each program are based on a percentage of the government’s recovery. So the government must actually recover money based on the whistleblower’s information before any reward is paid. And second, each of these programs has its own unique procedures that a whistleblower must follow to preserve a right to an award.

Now, these agencies receive a large volume of whistleblower reports, but only a small number result in recoveries and rewards. So it’s crucial that you present your information to the agency in a way that’s not only correct under the agency’s procedures, but that is compelling enough so that the agency will devote its limited resources to pursuing your case.

Ready to Expose the Wrongdoing? Contact Us Today

The attorneys here at Tycko & Zavareei understand these procedures and know how to present your case to the agencies in a way that maximizes the chances that your case will be pursued to a successful conclusion.

How can we help you?

Confidential Case Evaluation

Our experienced qui tam attorneys are available for a confidential, no-cost, no-commitment, initial evaluation of your case. Call us now at (202) 973-0900, or begin the process by completing our Confidential Case Evaluation Form.
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