A financial adviser whistleblower took on one of the largest banks in the world, JP Morgan. It would have been easier for him to sit back and let corporate greed rule yet again. However, the sleepless nights and years of personal, professional and financial stress was worth helping thousands of consumers everywhere.
About the Whistleblower Statute
In 1863 to combat fraud in Union contracts during the Civil War, Congress passed the Whistleblower or Qui Tam statute. It was not until 1986 before Congress modernized the Whistleblower statute and renamed it to the False Claims Act (FCA). It became the government’s primary tool to combat fraud. Individuals who report government-program fraud bring the lawsuit on behalf of the government.
The Law Protects and Rewards a Whistleblower
When a knowledgeable attorney like those found at The Michael Brady Lynch Firm files a False Claims Act lawsuit, he or she files it under a seal. This means it is completely confidential. There is also a full disclosure statement in the suit, which details the evidence collected by a whistleblower.
After we file your suit, the Department of Justice will review the evidence before deciding to step in and decide if they want to prosecute the case. The government’s fraud investigator will work closely with you, the whistleblower to identify all responsible for the fraud.
You could be entitled to 15-30% of the funds recovered. In order to receive the reward, you must be the first one to file a case under the False Claims Act. This is why it is key to pick an experienced attorney to work quickly to get your compensation.
Courageous Financial Adviser Whistleblower
From 2008 to 2015, JP Morgan told their financial advisers and brokers to give preference to investment products of the bank’s asset management division. Many brokers invested clients in higher-cost products that earned JP Morgan more money even when others were available for cheaper.
When this adviser say this, he knew he had to put an end to it. But, it was very difficult. The bank used false information to fire him, and the Finra even slapped him with fines. Regardless of the retaliation, it was important for this whistleblower to come forward. The scare tactics didn’t work.
Due to this courageous financial adviser whistleblower, JP Morgan agreed to pay the SEC and CFTC $307 million to settle these accusations.
Premier Complex Litigation Attorneys
The Michael Brady Lynch Firm has successfully represented thousands of consumers and recovered millions of dollars for their clients. Firms all over the country has recognized our team of attorneys as some of the most experienced and successful in the country. Our award-winning staff is also sought after for our knowledge on complex litigation, scientific evidence development, negotiation strategies and trial tactics.
Most of all, our law office is resourceful and dedicated to pursuing any compensation you are due. Because of this, we have received a high degree of peer recognition and professional achievement, such as inclusion on numerous Plaintiff Steering Committees. We will take whatever legal measures are necessary when fighting for your rights to damages.
Therefore, if you believe you have uncovered evidence of fraud involving a government-funded program, contact us today. Our attorneys have represented many clients in the past with complex cases. We will work tirelessly to obtain results on your behalf.