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Financial Reform Law Includes Big Cash Incentives for Whistle-blowers

A little-known provision in the huge package extends to the private sector a concept long applied to government contracts.

July 23, 2010
LA Times

Reporting from Washington —

The new financial reform law has what some lawyers call a secret weapon against fraud on Wall Street and in corporate America: the promise of a million-dollar jackpot to insiders who reveal an illegal scheme to the government.

Tucked in the massive bill is a provision that for the first time extends a concept long applied to government contracts to the private sector. It gives whistle-blowers a mandatory 10% — and as much as 30% — of what the government recoups in fines and settlements in financial fraud cases. These can include insider trading, false earnings reports and classic Ponzi schemes. To read the complete article click here.

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