What's New ...

July, 2010- New Whistleblowing Tools- Based upon the continued success of the False Claims Act in fighting corporate fraud, Congress has passed a financial reform bill that contains both a securities and commodities fraud qui tam provision. Such a provision would have allowed the Madoff whistleblower an more in-depth SEC review of his allegations, and may have disrupted Madoff's fraud much earlier on.

In addition, the Foreign Corrupt Practices Act now falls under the ambit of the SEC whistleblower provisions. The FCPA makes it illegal to offer bribes to officials in foreign governments in order to secure business for a corporation. In other words, whistleblowers who expose evidence of such bribery are now entitled to between 10% and 30% of the government fine extracted from a defendant company. Recently, the government has settled FCPA allegations for as much as $100 million.