Numerous economists and financial experts have labeled the financial crisis of 2008-2009, The Great Recession. Individuals and corporations alike were deeply affected by The Great Recession; either by losing their jobs or by the sudden stock sell off that occurred between 2008 and 2009. There was no question that something had to be done to prevent history from repeating itself. The only question was what to do. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), signed
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SNITCHING FOR RICHES: WHISTLEBLOWER BOUNTIES AND THE $96 MILLION CHERYL ECKARD SETTLEMENT Introduction Bounties have been employed by United States government over the history of our Nation. As differentiated from rewards, which offer payment for accomplishment of a specific act such as providing information that leads to the capture of a particular criminal, bounties are tailored to encourage the services or actions by some class of persons in pursuance of a governmental purpose. One of the
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Whistleblowing: The Right Choice Whistleblowing has become a contentious issue in both the public and private sectors. Whistleblowers are often regarded in derogatory terms. However, they should not be viewed in this manner. They are the average employee who does this out of loyalty. Many are retaliated against, and this forces the whistleblower to seek protections. Despite the negativity and retaliation, whistleblowing is the right decision because it exposes the wrongdoing of the employer
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Business Assignment #2 Big Business Launches a New Attack on Whistle-Blowers By Paul M. Barrett In the article Big Business Launches a New Attack on Whistle-Blowers written By Paul M. Barrett and posted this week online on www.businessweek.com, Corporations are accusing whistleblowers of taking advantage of misguided and out dated Acts while the government stands behind the Acts put in place and hope to help those who willing come forward believing it is their duty to protect those
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Competency 3006.1.5: Legal and Regulatory Requirements Overview Dodd-Frank Wall Street Reform and Consumer Protection Act Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (passed in the wake of the 2008–2009 financial crisis), the Securities and Exchange Commission (SEC) will pay 10 to 30% of the amount the government recovers from financial fraud if the whistleblower provides original information leading to a recovery of more than a million dollars. False Claims Act *
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The False Claims Act The False Claims Act, enacted by Congress in 1863 to protect the Union troops from profiteers providing shoddy goods and rotten food during the Civil War, prompted Abraham Lincoln's drive to empower private citizens with the ability to file suit on behalf of the government against corrupt contractors. The act was revitalized in 1986 to combat fraud in the defense contracting industry. Today, the False Claims Act is the government's principal weapon in the prosecution of health
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The Whistleblowing Case Studies There are various cases about whistleblowing, one of them is the case of Motorola CFO, Paul Liska.1 He has been fired after giving a presentation. In the presentation, Liska pointed out to Motorola directors that the cell phone unit, Mobile Devices, missed its sales projection for the preceding three months. Liska intended to attack Sanjay Jha, the head of Motorola’s cell phone division, by doing the presentation at the board meeting. The whistleblowing occurred because
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fraud or deceptive practices. The government enacted the False Claims Act for help in controlling the deceptive practices and additionally giving them a viable tool to expose the fraudulent acts. The False Claims Act allows a whistleblower or “qui tam” to come forward and help aide the government with the massive ongoing fraud that is enacted everyday against the government. A much needed provision that helps ‘seal’ and protects the whistleblowers identity was added into the FCA. The protection
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of Inspector general in order to qualify for financial incentives a state’s false claim act must: • Establish liability to the state for false fraudulent claims • Contain provisions that are at least as effective in rewarding and facilitating qui tam actions for false or fraudulent claims as described in the FCA • You must contain a requirement for filling an action under seal for 60 days • Finally you must contain a civil penalty that is not less than the amount of the civil penalty (State False
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Whistleblowing and Sarbanes-Oxley Bianca Martin LEG 500 Law, Ethics & Corp. Governance Strayer University Professor: Keith S. Smith Whistleblowing Whistleblowing has come to describe a wide range of disclosures, both within organizations and outside organizations (Trevino, 2015). Whistleblowing empowers workers to speak up for principles and ethics and shine a light on unethical practices that can cause negative consequences for consumers, citizens and colleagues. Internal whistle blowing
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