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Types of Fraud
Whistleblowers in the financial industry are witnessing fraud on our government more than ever before. Due to the billions being spent on federal bailouts as well as the tremendous amounts of money associated with public pension plans and municipal bonds, the financial industry is ripe for False Claim abuse.
Whistleblower cases involving Tax Fraud that exceeds $2 million and cases involving banks or brokers helping their clients evade taxes through sham trusts or abusive tax shelters are covered under a different law. Find out more information on tax fraud false claims cases in the other sections of our site.
Here are some examples of areas where a whistleblower might find fraud in the financial industry that could lead to a False Claims Act qui tam lawsuit:
- funds received through federal bailout programs, known as the TARP program, that are paid based on false information or aren't used as required under the terms of the programs.
- falsely certifying municipal bonds as “tax exempt”
- overcharging for securities or financial services sold to public pension funds or federal, state and municipal governments.
- material violations of Treasury auction requirements.
- insider trading or any securities fraud affecting public pension funds.
- bid-rigging or any kickbacks associated with attracting municipal bond business which drives up the costs to the issuing agency.
- violation of any requirements of The Federal Reserve's Term-Asset-backed Securities Loan Program (TALF), such as the use of any non-domestic vehicles by hedge funds
- any mispricing or material misrepresentations in connection with municipal transactions.
If you have any questions or information about fraud or False Claims committed in the financial industry, contact us today for a confidential evaluation of your case.