Whistleblowers Bring Bank Fraudsters to Justice

Posted by:

Charles C.

When:

Feb 21, 2012 at 10:43 AM

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David Colapinto

A revelation regarding the source of key information driving recent foreclosure-abuse related settlements was recently announced. It was revealed that whistleblowers were, and continue to be, instrumental in exposing and assisting in the prosecution of the fraud and abuses perpetrated by multinational banks against homeowners. This press release from the newsroom of the nation’s leading whistleblower law firm in Washington, D.C., Kohn, Kohn & Colapinto announced the news:

Today, the United States government and numerous state governments reached a settlement agreement with five major banks to resolve lawsuits and investigations concerning foreclosure-abuses that fueled the financial "meltdown" and forced millions of Americans out of their homes. David K. Colapinto, the lead attorney for one of the confidential mortgage industry whistleblowers, issued the following statement:

Once again whistleblowers risked their jobs and careers in exposing misconduct and abuse. Employee-whistleblowers were key insiders who knew how big banks scammed the system, ripping off homeowners and taxpayers alike. Some of these employees had the courage to step forward. Many lost their jobs when they tried to stop or report these crimes.

Under the False Claims Act, whistleblowers that voluntarily provided the U.S. government with original and truthful information that helped in the prosecution of the banks, will obtain protection. As these cases are taken out of 'seal,' the public will learn the full scope of the contributions whistleblowers made in holding big banks accountable for the mortgage scandals and their foreclosure abuses.

Whistleblower cases under the False Claims Act are filed under ‘seal’ and are kept confidential to enable the government an opportunity to investigate the allegations. The Act, originally signed into law by President Abraham Lincoln in 1863, encourages whistleblowers to expose fraud. After the government concludes its investigation, the court can unseal the case.

With the recent revelation that whistleblowers have been instrumental in exposing and assisting in the prosecution of the fraud and abuses perpetrated by multiple large banks against homeowners, here is a press release from the newsroom of the nation’s leading whistleblower law firm in Washington, D.C., Kohn, Kohn & Colapinto:

Today, the United States government and numerous state governments reached a settlement agreement with five major banks to resolve lawsuits and investigations concerning foreclosure-abuses that fueled the financial "meltdown" and forced millions of Americans out of their homes. David K. Colapinto, the lead attorney for one of the confidential mortgage industry whistleblowers, issued the following statement:

Once again whistleblowers risked their jobs and careers in exposing misconduct and abuse. Employee-whistleblowers were key insiders who knew how big banks scammed the system, ripping off homeowners and taxpayers alike. Some of these employees had the courage to step forward. Many lost their jobs when they tried to stop or report these crimes.

Under the False Claims Act, whistleblowers that voluntarily provided the U.S. government with original and truthful information that helped in the prosecution of the banks, will obtain protection. As these cases are taken out of 'seal,' the public will learn the full scope of the contributions whistleblowers made in holding big banks accountable for the mortgage scandals and their foreclosure abuses.

Whistleblower cases under the False Claims Act are filed under ‘seal’ and are kept confidential to enable the government an opportunity to investigate the allegations. The Act, originally signed into law by President Abraham Lincoln in 1863, encourages whistleblowers to expose fraud. After the government concludes its investigation, the court can unseal the case.

Tags:

securities fraud, accounting fraud, consumer fraud, foreclosure crisis

Whistleblowers Bring Bank Fraudsters to Justice

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