SOX Whistleblower Law Protects Disclosures About Bank Fraud
Yes, a disclosure about bank fraud is protected conduct (protected whistleblowing) under the whistleblower protection provision of the Sarbanes-Oxley Act.
The elements of bank fraud under 18 U.S.C. § 1344(1) are:
- that the defendant knowingly executed or attempted to execute a scheme to defraud a financial institution;
- that the defendant did so with the intent to defraud; and
- that the financial institution was insured by the FDIC.
The intent to defraud may be established by circumstantial evidence.
Examples of SOX case cases entailing disclosures of bank fraud include:
- Guitron v. Wells Fargo Bank, N.A., No. C 10-3461 CW, 2012 WL 2708517 (N.D. Cal. July 6, 2012), where the court held that disclosures about bankers allegedly opening and closing accounts “without the customer’s permission or knowledge” and misleading customers about the terms of accounts were protected under SOX.
- Erhart v. BofI Holding, Inc., No. 15-cv-02287 (S.D. Cal. Sept. 11, 2017), where the court held that plaintiff’s disclosures about the CEO depositing third-party checks for structured settlement annuity payments into a personal account, including nearly $100,000 in checks made payable to third parties, were protected under Section 806 of SOX.
Whistleblower Protections for Banking/Financial Services Whistleblowers
Sarbanes-Oxley Whistleblower Damages and Remedies
SOX Whistleblower Lawyers’ Guide to SOX Whistleblower Protection Law
For more information about the SOX whistleblower law, download our free guide to Sarbanes-Oxley Whistleblower Protection
Whistleblower Lawyers Representing Sarbanes-Oxley (SOX) Whistleblowers
We have assembled a team of leading whistleblower lawyers to provide top-notch representation to Sarbanes-Oxley (SOX) whistleblowers. Recently Washingtonian magazine named two of our attorneys top whistleblower lawyers. U.S. News and Best Lawyers® have named Zuckerman Law a Tier 1 Law Firm in the Washington D.C. metropolitan area.
The SOX whistleblower lawyers at Zuckerman Law have substantial experience litigating Sarbanes Oxley whistleblower retaliation claims and have achieved substantial recoveries for officers, executives, accountants, auditors, and other senior professionals. To schedule a free preliminary consultation, click here or call us at 202-262-8959.
- Certified Public Accountant, Certified Fraud Examiner and former KPMG external auditor. As an auditor, Stock developed expertise in financial statement analysis and internal controls testing and fraud recognition. He uses his auditing experience to help IRS, CFTC and SEC whistleblowers investigate and disclose complex financial frauds to the government and develop a roadmap for the SEC to take an enforcement action. Matt has been interviewed on CNBC, quoted extensively about whistleblower rewards in the media, and is the lead author of SEC Whistleblower Program: Tips from SEC Whistleblower Attorneys to Maximize an SEC Whistleblower Award.
- Dallas Hammer has extensive experience representing whistleblowers in retaliation and rewards claims and has written extensively about cybersecurity whistleblowing. He was selected by his peers to be included in The Best Lawyers in America® in the category of employment law in 2021 and 2022.
- Described by the National Law Journal as a “leading whistleblower attorney,” founding Principal Jason Zuckerman has established precedent under a wide range of whistleblower protection laws and obtained substantial compensation for his clients and recoveries for the government in whistleblower rewards and whistleblower retaliation cases. He served on the Department of Labor’s Whistleblower Protection Advisory Committee, which makes recommendations to the Secretary of Labor to improve OSHA’s administration of federal whistleblower protection laws. Zuckerman also served as Senior Legal Advisor to the Special Counsel at the U.S. Office of Special Counsel, the federal agency charged with protecting whistleblowers in the federal government. At OSC, he oversaw investigations of whistleblower claims and obtained corrective action or relief for whistleblowers.
- Zuckerman was recognized by Washingtonian magazine as a “Top Whistleblower Lawyer” (2020, 2018, 2017, 2015, 2009, and 2007), selected by his peers to be included in The Best Lawyers in America® in the category of employment law (2011-2021) and in SuperLawyers in the category of labor and employment law (2012 and 2015-2021), is rated 10 out of 10 by Avvo, based largely on client reviews, and is rated AV Preeminent® by Martindale-Hubbell based on peer reviews
- We have published extensively on whistleblower rights and protections, and speak nationwide at seminars and continuing legal education conferences. We blog about new developments under whistleblower retaliation and rewards laws at the Whistleblower Protection Law and SEC Awards Blog, and in 2019, the National Law Review awarded Zuckerman its “Go-To Thought Leadership Award” for his analysis of developments in whistleblower law.
- Our attorneys have been quoted by and published articles in leading business, accounting, and legal periodicals, including The Wall Street Journal, Forbes, CNBC, MarketWatch, Vox, Accounting Today, Going Concern, Law360 – Expert Analysis, Investopedia, The National Law Review, inSecurities, Government Accountability Project, S&P Global Market Intelligence, Risk & Compliance Magazine, The D&O Diary, The Compliance and Ethics Blog, Compliance Week and other printed and electronic media.