Whistleblower tips are extremely important in holding wrongdoers accountable in the workplace. Our New Jersey employment law attorneys explain just how crucial whistleblowers are in seeking justice.
Not only is the information brought by whistleblowers valuable, but they also hold the lead for reporting corporate fraud. The majority of corporate fraud is detected by tips at 42.4% as opposed to management/internal review, external audits, surveillance, law enforcement, or even by accident.
This simply goes to show the true value of whistleblowers in the corporate setting. Not only are whistleblower victories rewarding for the government in recovering money owed, but 10-30 percent of the recovery is given to the whistleblower.
The Cost of Fraud to Consumers
Not only do whistleblowers gain compensation for reporting fraud, but they also do a great service for taxpayers annually. Without whistleblowers, the funding dedicated to halting fraud would all be lost to those committing the fraud, costing taxpayers billions every year.
The Benefits of an Inside Job
Oftentimes, the best vantage point to root out fraud is from the inside of a company. Whistleblowers have the ability to report on illegal activity that may never see the light of day by something like an external audit.
Along with whistleblowers being compensated for their efforts, they are given protection under programs like the False Claims Act’s Anti-Retaliation Provision, Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC).
The reason why these programs are so important is due to the risk of reporting fraudulent activity through intercompany means. Although these protocols may be in place to provide a safe space for employees to voice their concerns, they can also act as a type of landmine that triggers the attention of the culprits, making the assurance of protection crucial for those with the courage to speak out.
Contact our New Jersey Employment Law Team Today
When looking to file a whistleblower claim, it is crucial to act quickly, and our skilled whistleblower attorneys can help guide you through the process.
Get in touch with us today through our website or give us a call at 856-751-5505 to find out how you can put our experienced team to work for you.