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Financial Institutions Anti-Fraud Enforcement Act

Often, the best people to report fraud in financial institutions are insiders. To encourage people with firsthand knowledge of financial fraud offenses to come forward, the Financial Institutions Anti-Fraud Enforcement Act provides monetary rewards when a whistleblower’s actions result in the successful prosecution and collection of penalties.

If you believe that you have evidence of fraudulent and unlawful behaviors such as bank fraud, theft or embezzlement by bank employees, illegal kickbacks for loans, or related offenses, you should reach out to a whistleblower attorney at Evans Law Firm.

Our experienced legal team has extensive experience with the Financial Institutions Anti-Fraud Enforcement Act. Since the Act was first signed into law in 1990, we have helped many whistleblowers reap the financial rewards associated with stopping fraud. Give us a call today to find out about how this Act works to incentivize whistleblowing and to get advice from an experienced legal professional about whether you can and should move forward with a claim under the Act.

How Does the Financial Institutions Anti-Fraud Enforcement Act Work?

The Financial Institutions Anti-Fraud Enforcement Act creates a civil cause of action for a whistleblower who has knowledge of unlawful behavior that has been committed by a financial institution. If you believe you’ve discovered wrongdoing, you can bring a claim by filing a confidential declaration describing the fraudulent activity. You can also include supporting evidence, such as information from witnesses and documents that you believe are evidence of illegalities.

The Attorney General then has a chance to review the information provided and to decide whether or not to pursue action against the alleged fraudster based on the information you have offered. If the Attorney General does not move forward, it is possible for the whistleblower to prosecute the claim.  If the Attorney General does move forward, then the AG will prosecute the fraud action. In either circumstance, the whistleblower will be eligible to share in the recovery of funds if the claim is successful and the financial institution either settles or a judgement is entered against the financial institution.

A whistleblower can successfully make a claim under the Institutions Anti-Fraud Enforcement Act even if the government was not harmed as a result of the alleged fraud committed by the financial institution. This makes the Financial Institutions Anti-Fraud Enforcement Act distinct from the federal False Claims Act, under which qui tam lawsuits can be brought if the government has been defrauded.

If you believe that you have evidence of any type of illegal behavior committed by a financial institution, you could stop this fraud and earn yourself a substantial amount of money in the process by making use of the Financial Institutions Anti-Fraud Enforcement Act. However, it is important to understand the specific types of claims that can arise under this Act and to follow the proper protocol for moving forward with a claim so you can obtain your monetary reward.

The Evans Law Firm can provide invaluable assistance if you want to blow the whistle on financial fraud. Give us a call today at  415-441-8669 to talk with a whistleblower attorney with experience holding financial institutions accountable under the Financial Institutions Anti-Fraud Enforcement Act.

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