Bruno Fagali is an established lawyer and a crusader for the adoption of ethical rules in the corporate world. He has been honored severally for his efforts to promote a just and fair business environment that respects the rights of everyone. Bruno Fagali has also been actively involved in creating awareness regarding issues to do with ethics compliance. He started an online blog called FagasPress for the purpose of letting the public keep abreast about the latest issues touching in compliance.
SEC Pays for reporting Fraud in Bank System
In the latest updates by lawyers associated with Bruno Fagali through FagasPress, it has been reported that SEC has rewarded $33 for the reporting of a bank system fraud that has been happening for years. There is an American published bill to the effect that rewards will be given to foreigners who report fraudulent dealings by companies and individuals hiding stolen assets in foreign nations. The law is to be included in a US financial system code-named Cleptocracy Asset Recovery Program. In a recent case in Brazil, SEC granted huge rewards to three reporters of fraud in the bank of America. It is noted that the highest reward to have ever been given to a whistleblower has been $30 million. It was granted in 2014. However, the latest reward granted by SEC for reporting nonethical practice and blatant fraud in the Bank of America is $50 million. The reward is to be distributed equally among two individuals who reported the matter and another $33 million was granted to an individual whistleblower.
The Dodd-Frank Act
The Act provides for rewarding individuals who help SEC to investigate and or prevent fraudulent and non-ethical practice in business organizations. The rewards have no connection with violating the FCPA. They only touch on the violation of the rules of banking law. Both laws emanate from the crimes that were committed by the Bank of America and the subsequent payment of $ 415 million in exchange for an SEC agreement in 2016. According to the details provided by the whistleblowers, the crimes were initiated by Merrill Lynch. They were allowed to continue after their buying of the bank of America. Bruno Fagali updates that the reward is the highest in the ethical fines cases yet.