Manhattan law firm, Stuart D. Meissner LLC, announced today the launching of www.SECSnitch.com, targeting whistleblowers under the new whistleblower provisions within the July 21, 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Act awards whistleblowers who provide “original information” leading to the successful prosecution of the violation of securities laws to recover 10% to 30% of any monetary sanctions exceeding $1,000,000 recovered by the SEC or CFTC.
In addition, the Act provides legal recourse for employees who are retaliated or discriminated against as a result of whistleblowing under the statute. In addition, if represented by counsel, the law provides for anonymity if the whistleblower so chooses, up until the whistleblower is paid their bounty.
The Meissner firm has already filed five SEC complaints based on the new statute involving Wells Fargo Investments, Banc of America Investment Services, hedge fund Plainfield Asset Management and others.
In addition, several other whistleblower claims involving past major investment bank and hedge fund activity are expected to be filed in the coming weeks. The claims focus on activity not only in the United States, but around the world. Most of the claims involve issues arising from 2008 credit crises.