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A.G. Schneiderman Proposes Bill to Incentivize Whistleblowers Who Report Financial Fraud

Attorney General Eric T. Schneiderman announced a proposal for the Financial Frauds Whistleblower Act, a bill which would monetarily reward employees who provide original information to the AG that leads to penalties or settlement proceeds greater than $1 million for financial fraud or misconduct in the financial markets.

Specifically, whistleblowers would receive 10 – 30 percent of the funds obtained by the AG for a securities fraud case.  The AG also indicated that the bill would protect employees from retaliation by their employers.

“From holding the banks accountable for the collapse of the housing market, to taking on unfair advantages for high-frequency traders, this office has committed to promoting fairness and a level playing field for all investors. And yet, a valuable tool for building these cases is rarely at our disposal,” said Attorney General Schneiderman.  “New York has a unique opportunity to set the gold standard for states seeking to expose and hold individuals accountable for financial crimes.  This law will be the strongest, most comprehensive in the nation, and is long overdue for a state with the world’s most important financial markets.”

If you would like additional information on AG Schneiderman’s Financial Frauds Whistleblower act or other news, please click the green button and fill out the form.

If you would like additional information on the Financial Frauds Whistleblower Act or other news, please click here and fill out the form.

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