New York Attorney General Proposes New Financial Fraud Whistleblower Legislation

Currently in New York, there is no law to protect whistleblowers who report securities or other financial violations. New York Attorney General Eric T. Schneiderman is hoping to change that. He is proposing a new bill – the Financial Frauds Whistleblower Act. The proposed whistleblower program provides similar protections as the SEC whistleblower program.  That program, despite its infancy, has already resulted in the SEC successfully obtaining numerous recoveries from targeted companies, including a recent $30 million whistleblower award. Under the proposed bill, employee retaliation is strictly prohibited and whistleblowers who provide information that leads to more than $1 million in penalties or settlement will receive 10 percent to 30 percent of the amount recovered. Another important aspect of the proposed bill is that the whistleblower’s identity would remain confidential. The whistleblower program would be part of New York’s Department of Financial Services.


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