Financial Industry Fraud

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What is Financial Industry Fraud?

The financial industry is largely governed by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), which was passed during the savings and loan scandal of the 1980’s and 1990’s – which nearly crippled the savings and loan and banking industries and led to an economic recession. This law created multiple federal agencies and entities, as well as several new oversight measures to regulate financial institutions. Significantly, under FIRREA the U.S. Department of Justice can seek substantial civil penalties against anyone who causes financial injury to a qualifying financial institution by committing any one of more than a dozen criminal offenses, including bank fraud, wire fraud, and mail fraud. Whistleblowers are encouraged to assist in this effort under a companion law called FIAFEA – the Financial Institutions Anti-Fraud Enforcement Act – which provides financial rewards in exchange for whistleblower information.

M&S has represented FIRREA/FIAFEA whistleblowers and understands the intricacies of these laws – including how the tiered rewards program works, and how these laws can be applied to penalize banks and other financial institutions that cause injury to themselves by engaging in misconduct.

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