SEC Whistleblowers are needed for Exposing Workplace Corruption
Whistleblowers are important individuals for exposing workplace corruption. These individuals are employees at companies who usually step forward to reveal any type of misconduct in terms of business practices and activities. Congress has created the Dodd-Frank Wall Street Reform and Consumer Protection Act as a key preventive measure to keep business owners, managers, CEO’s and employees from deceiving the public.
In 2008 the United States experienced a major economic downturn that forced millions of people out of their homes and caused millions more to lose their jobs. The stock market plummeted, businesses began to shut down and companies needed huge government bailouts just to keep their doors open.
The biggest reason as to why the recession happened in the first place had to do with workplace corruption, fraud and bad business practices. The housing and financial industries were overrun with employees, managers and CEO’s who were consistently indulging in bad business practices that would eventually cause the housing market and financial bubbles to burst.
Many people who worked inside of these industries knew that corruption was happening but they did not inform authorities about the dishonestly that was taking place. Employees could have helped to end many of the problems that led to the recession.
The reasons why they did not step forward had to do with fear, intimidation and the possible loss of employment. Also, many employees got caught up in the corruption to one degree or another. Workplace malpractice was rampart before 2007 and it was just a normal part of doing business.
The Dodd-Frank Act ensures that Wall Street, corporations, lending institutions and financial operators would be kept in check by employees who were willing to speak to authorities about employer wrong doing. The Securities Exchange Commission needed this piece of legislation to keep Wall Street, investment firms and financial institutions on track.
Whistleblowers are encouraged to report anything that is out of order within the workplace. They will also be given incentives for reporting situations that involve large sums of money that is at least a million dollars or more. A whistleblower’s job will not be jeopardized because they speak out against issues in the workplace. The SEC Whistle Blower Advocate provides more information and incentives about the Dodd-Frank Act and whistleblowers.
Contact a SEC Whistleblower lawyer today