There are activities on the job that go undetected until they get reported to the proper authorities. The most frequent type of corporate or business fraud involves money. However, there are SEC laws that protect the employees that report this type of behavior. Fraud can also be stealing inventory, misrepresenting company functions, and more. Embezzlement can cripple large and small businesses and focuses on money being taken from a particular corporation in large sums (i.e. Enron scandal). Bernie Madoff still remains one of the most prolific acts of fraud committed by an employee to deceive their stockholders and citizens of the public.
What Is A Whistleblower
According to the Webster dictionary, a whistleblower provides information on an individual or corporation involved in illegal activity. They expose illicit activity to the appropriated authorities. A whistleblower divulges this information for the greater good of their company and employer business interests. Moreover, the business in question can be either private or public. Edward Snowden is a famous whistleblower that was under fire and sought to be patdoned by former president, Barack Obama. If you need help, call a whistleblower retaliation attorney Colorado professional for more details with your questions or concerns.
Unfortunately, some people see being a whistleblower as being a spy. They’re accused of releasing confidential information that can cause the business to experience determent. Their decision to act on wrongdoing is very important and comes with consequences. The whistleblower is usually retaliated on and dismissed from their job for their decision. If they don’t make the decision with the knowledge of all of their rights, this can have huge consequences. Their career could suffer collateral damage. The threat of their career has left many people looking for a help to secure their job position after they’ve acted as a whistleblower.
What Are Whistleblower Protection Laws
SEC laws under the Dodd-Frank Act enables a whistleblower to recover 30 percent of every million that is collected because of the information they’ve gathered and reported. They can also receive a portion of the money that’s collected by other outside agencies (i.e. law enforcement). There is the option to report business wrongdoing and remain anonymous. You should notify your legal counsel right away about your wishes to remain private. Many people wonder if reporting wrongdoing is worth the career risk. The incentives put in place is meant to make it easier to report wrongdoing.
It has been reported that not all whistleblowers are doing it out of being altruistic or for the greater good of the company. Some people divulge personal information about the corporation they work for out of revenge, to further their career, or greed. A professional attorney trained in this area of the law can help the corporation and the individual decide on the basis of their whistleblower actions. Many corporations are not comfortable with an employee that releases private details to the public. Are they a hero or a snitch? Get help from an attorney about your whistleblower rights before you make a decision today.