You can be a whistleblower for ethical reasons… or you can make a crapload of money.
In 2010, the U. S. government paid out over $385 million to whistleblowers, and expects that amount to increase.
Especially on Wall Street.
New rules in the government’s Dodd-Frank Act give people who provide successful information to the SEC 10 to 30% of an award over $1 million.
Unlike the old law, which said that the fraud had to have cheated the government, whistleblowers can now get awards even if the fraud doesn’t cheat the government.
Attorneys are looking to make these people their clients.
Attorney Stephen Kohn of the National Whistleblowers Center ran ads in Manhattan movie theaters during the movie "Wall Street 2: Money Never Sleeps."
Attorneys take the cases (called "qui tam" cases) on spec, and can earn 40% of the final award.
Said Mr. Kohn:
"I am really looking for folks who are actually involved in the misconduct, who learn that they can make money by turning in their co-conspirators… I am looking for greed to be used to fight greed."
– Using Greedand Lots of Cashto Fight Greed, CNBC>>
– Wall Street Whistleblowers Ready to Cash In, CNBC>>
– Dodd-Frank Wall Street Reform and Consumer Protection Act, Wikipedia>>