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Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: Arcane Lore who wrote (6475)	8/2/2002 12:20:05 AM
From: Jeffrey S. Mitchell	Respond to of 7056

If the IRS pays rewards for information, why can't the SEC? The "Corporate and Criminal Fraud Accountability Act of 2002" appears to come close. Perhaps we could write Senator Leahy and suggest he broaden legislation to include whistleblowers of all types. ===== Section 7. Whistleblower Protection for Employees of Publicly Traded Companies This section would provide whistleblower protection to employees of publicly traded companies, similar to those currently available to many government employees. It specifically protects them when they take lawful acts to disclose information or otherwise assist criminal investigators, federal regulators, Congress, supervisors (or other proper people within a corporation), or parties in a judicial proceeding in detecting and stopping fraud. Since the bill’s provisions only apply to "lawful" actions by an employee, it does not protect employees from improper and unlawful disclosure of trade secrets. In addition, a reasonableness test is also set forth under the information providing subsection of this section, which is intended to impose the normal reasonable person standard used and interpreted in a wide variety of legal contexts. See generally Passaic Valley Sewerage Commissioners v. Department of Labor, 992 F. 2d 474, 478. Certainly, although not exclusively, any type of corporate or agency action taken based on the information, or the information constituting or leading to admissible evidence would be strong indicia that it could support of such a reasonable belief. If the employer does take illegal action in retaliation for lawful and protected conduct, subsection (b) allows the employee to elect to file an administrative complaint or to bring a case in federal court, with a jury trial available in cases where the case is an action at law. See United States Constitution, Amendment VII; Title 42 United States Code, Section 1983. Subsection (c) would require both reinstatement of the whistleblower, double backpay, compensatory damages to make a victim whole, and would allow punitive damages in extreme cases where the public’s health, safety or welfare was at risk. leahy.senate.gov