Has Been Successful
There have been more than 6,500 people who have come forward with confidential information under the protection of the Securities and Exchange Commission’s whistleblower program. The agency created the program in 2011, hoping to encourage people to come forward with details of fraudulent activity against the government. The program offers a reward of up to 30 percent of any money recovered that exceeds $1 million.
The incentives have worked, with the SEC attracting tips from at least 68 countries, according to The Wall Street Journal. Almost 3,600 whistleblowers listed a job title (meaning they worked for the company they blew the whistle on), while retirees supplied the largest amount of tips with 365; investors were second and engineers were third.
Those opposed to whistleblower protections argued that it would open the flood gates for people to come forward with bogus and trumped up claims in a money grab. However, the SEC has indicated the opposite to be true, stating it is pleased with the high level of quality tips it has received, according to The Wall Street Journal.
So far, the whistleblower program has brought in $150 million in restitution and fines. This has led to more than $15 million in rewards for whistleblowers, including $14 million to one person who exposed wrongdoing against 250 investors.
Whistleblowers come from all walks of life. If you see wrongdoing at your place of work, you must report it right away. Whether it be a hospital or doctor’s office lying about its procedures and billing to get more money from Medicare, or a manufacturer overlooking crucial design malfunctions to save on cost, without whistleblowers these truths may never come to light.
While many companies will try and scare you with the threat of some form of retaliation, the SEC whistleblower protections protect you from any type of payback or revenge from your employers.
If you are aware of shady billing practices, violations of the Consumer Fraud Act, or any other wrongdoings you may have a whistleblower claim. Contact the qui tam attorneys at Begelman & Orlow, P. C. to discuss your concerns. With more than 115 years of combined experience litigating whistleblower cases throughout the U.S., they can help determine if you have a valid case.