The Securities Exchange Commission (SEC) realizes there is an invisible wall it must break through in order to uncover crimes occurring in the financial world. The invisible wall may be better referred to as the “code of silence” among those working in the financial industry. People do not talk about what happened outside of the realm of their job — even when what may be occurring is illegal.
The invisible wall is backed up by the physical walls used to create the many tall and impressive buildings in the financial industry. SEC investigators cannot exactly walk into an office and start looking about — at least not without a warrant.
The 2008 Dodd-Frank Bill was born out of the outrageous collapse of the housing market. On a seemingly nice fall day, people turned on their television sets to discover the stock market was collapsing. This was the result of a meltdown in the housing market.
Why did the market hit such a massive and surprising downturn? The trading of derivatives connected to “toxic loans” was being conducted by members of Wall Street. No, not everyone in the lending and financial world was in on the risky endeavor. Not everyone had to be. Enough people were involved with the situation to create a very scary situation, one that should have been avoided. The drafting of the Dodd-Frank Financial Reform Bill was intended to do just that.
In the text of the massive legislation was written laws related to whistleblowing. Two very important aspects of laws related to whistleblowing were created. One dealt with serving protections to those who come forward and the other focused on rewards. Both of these absolutely do give people who may know something about illegal activities a reason to come forward. Reward money definitely helps motivate people for sure. Understanding that repercussions may be prevented under the law does further assist those worried about coming forward to put their hearts and minds at ease.
Is the “average person” skilled enough to navigate all the complexities of the Dodd-Frank law? Likely, working with a SEC whistleblower lawyer would be a far better plan. This way, the process moves along much smoother and to a preferred end. An attorney is more than able of making sure all reward funds are processed as promised. Only a professional with the necessary experience is capable of performing as a solid representative in all legal proceedings.