Money laundering refers to a financial transaction scheme that aims to conceal the identity, source, and destination of illicitly-obtained money. The money laundering process can be broken down into three stages. First, the illegal activity that garners the money places it in the hands of a launderer. Second, the launderer passes the money through a complex scheme of transactions to obscure who initially received the money from the criminal enterprise. Third, the scheme returns the money to the launderer in an obscure and indirect way. To prevent money laundering several laws have been put in place to detect and prevent money laundering. When financial institutions, large corporations, and brokers or dealers violate these Anti-Money Laundering laws, they can often be held liable for allowing or encouraging money laundering.
Money Laundering Whistleblower Lawyer and Bounty Action Lawyer, Jason S. Coomer, works with financial professionals and other persons with original evidence of significant money laundering who want to confidentially report money laundering and earn large financial rewards. If you are aware of money laundering schemes or violations of Anti-Money Laundering Laws including the Bank Secrecy Act, please feel free to contact Money Laundering Whistleblower Lawyer Jason Coomer via e-mail message or use our submission form for a confidential review of a potential whistleblower reward case.
It is estimated that over $1 Trillion is laundered globally each year. This large about of money being laundered can create large financial rewards for those that properly report specific types of money laundering under whistleblower reward laws and bounty action laws because many of these laws base the financial rewards on the amount of money laundering identified and recovered. Financial professionals, investors, and other high end whistleblowers that have original knowledge or evidence of money laundering scheme are encouraged to confidentially report through a lawyer. By confidentially and properly reporting these money laundering schemes, the financial professional, investor, or other high end whistleblower can earn large financial rewards. An example of these rewards would be between $500 million to $1.5 billion, if a Bounty Action resulted in a fine and recovery of $5 Billion.
The Bank Secrecy Act (BSA) (31 USC 5318(h)) requires financial institutions to establish Anti-Money Laundering (AML Programs). FCMs are defined as financial institutions in the BSA. IBs have been interpreted by FinCEN to fit within the term "brokers or dealers in commodities" in the financial institution definition and thus also must establish AML Programs. At a minimum, an AML Program must be in writing and must include:
Development and maintenance of written policies and procedures, and supervisory controls;
Reasonably designed to ensure compliance with the BSA and assist a firm in detecting and reporting suspicious activity;
Designation of a compliance officer;
Education and ongoing employee training of appropriate personnel; and
Independent review to monitor and ensure AML program is adequately functioning.
The National Futures Association (NFA) adopted Rule 2-9(c) and an accompanying Interpretive Notice that sets forth AML Program requirements applicable to its FCM and IB members. The importance of strong BSA/AML compliance was highlighted in a FinCEN advisory, issued on August 11, 2014, on promoting a culture of compliance issued by financial institutions. The advisory did not change any existing expectations or obligations under BSA/AML requirements, and highlights the importance of strong compliance for senior management, leadership and owners of all financial institutions subject to FinCEN's regulations.
CFTC bounty claims like SEC bounty claims must be brought voluntarily under the Bounty Programs by one or more individuals. The whistleblower or whistleblowers must be a natural person or natural persons, companies or other entity is not eligible to be financial fraud bounty whistleblowers. Successful CFTC and SEC violation bounty whistleblowers can collect financial rewards for whistleblower bounty actions that result in the imposition of monetary sanctions of greater than $1 million dollars.
Through CFTC and SEC Whistleblower Bounty Actions the CFTC and SEC will award between ten percent and thirty percent of the money collected to a qualified whistleblower who voluntarily provides the CFTC and SEC with original information about a violation of the securities laws that leads to a successful enforcement of an action brought by the CFTC and SEC that results in monetary sanctions exceeding $1,000,000.00.
Monitoring the commodity futures market requires a highly coordinated effort including the efforts of investors. It is important that investors that are aware of illegal activities in the commodity futures market step forward and blow the whistle on illegal actions. Some of these actions include the following:
Fraud: cheating or attempting to cheat you through false claims concerning the likelihood of profit or loss; false or misleading statements about trading or about your salesperson, advisor, or the trading program you use; or false or misleading statements about any other material fact that you relied on in making a decision about futures or option trading.
Breach of fiduciary duty: a failure by a broker or salesperson to act with special care in handling your account when required to do so by the Commodity Exchange Act or CFTC rules.
Unauthorized trading: trades made by a broker without your prior specific authorization or a written grant of authority to effect trades without your specific authorization.
Misappropriation: a broker's unauthorized use or diversion of money that you deposited for the purpose of trading futures or options.
Churning: excessive trading of your account for the purpose of producing commissions and with disregard of your financial interests.
Wrongful liquidation: the unauthorized closing of your position.
Failure to supervise: Failure by a supervisor to diligently oversee the handling of a customer account by the supervisor's partners, officers, employees, and agents.
Nondisclosure: failure to inform you of the risks associated with futures and option trading, and the failure to disclose any other material fact you required to make a decision about futures or option trading.
If you are aware of these actions being committed it is important that you blow the whistle on these actions. There are several ways to blow the whistle on these actions including anonymous reporting procedures through an attorney.
Financial Fraud Whistleblower Lawsuits, Securities Fraud Whistleblower Lawsuits, Commodity Fraud Whistleblower Lawsuits, Stimulus Fraud Whistleblower Lawsuits, and SEC Violation Whistleblower Lawsuits will become more common with the enactment of laws like the Dodd-Frank Wall Street Reform and Consumer Protection Act that create bounties that can be collected by whistleblowers that properly report SEC violations, financial fraud, securities fraud, commodities fraud, and stimulus fraud that result in monetary sanctions over one million dollars ($1,000,000.00). The SEC can award the whistleblower up to 30% of the money collected.
By creating whistleblower bounties for investors and people with specific information of financial fraud, it is expected that hard to detect financial fraud including derivative market fraud and investment fraud will be exposed to help regulate the financial market and prevent large investment corporations, banks, hedge funds, and other large corporations from committing financial fraud of billions of dollars.
For more information on SEC Fraud Whistleblower Bounty Actions and Securities Fraud Whistleblower Bounty Actions, please go to the following Securities Fraud Whistleblower Lawyer SEC Bounty Actions.
As a Commodity Futures Investment Fraud Whistleblower Lawyer and Securities Fraud Whistleblower Lawyer, Jason S. Coomer commonly works with other powerful financial fraud and securities fraud whistleblower lawyers to handle large Securities Fraud Whistleblower Lawsuits, Securities Fraud Bounty Actions, Commodity Futures Fraud Bounty Action, and other Financial Fraud and Investment Fraud Lawsuits. He also works on Medicare Fraud Whistleblower Lawsuits , Defense Contractor Fraud Whistleblower Lawsuits, Stimulus Fraud Whistleblower Lawsuits, Government Contractor Fraud Whistleblower Lawsuits, and other government fraud whistleblower lawsuits.
If you are the original source with special knowledge of fraud and are interested in learning more about a whistleblower lawsuit, please feel free to contact Commodity Futures Fraud Whistleblower Lawyer and Securities Fraud Whistleblower Lawyer Jason Coomer via e-mail message.