It was recently announced that four individuals involved with an online fundraising campaign called “We Build the Wall” have been charged with fraud. Brian Kolfage, Stephen Bannon, Andrew Badolato, and Timothy Shea are accused of defrauding hundreds of thousands of online donors for over $25 million.
The charging document alleges that the defendants defrauded hundreds of thousands of donors by taking advantage of their interest in funding a wall on the southern U.S. border. Although Kolfage, the founder and face of We Build the Wall, assured contributors that he wouldn’t be paid anything for his efforts, prosecutors claim that the defendants secretly paid hundreds of thousands of dollars to Kolfage to help fund his extravagant lifestyle.
The authorities allege that the defendants, one of whom is a former White House chief strategist, engaged in fraud by misrepresenting the true use of funds that contributors believed would be used to build a wall between the U.S. and Mexico. It is also alleged that the defendants attempted to hide their misappropriation of funds by creating false invoices and accounts. Kolfage, Bannon, Badolato, and Shea have each been charged with one count of conspiracy to commit money laundering. If found guilty, each defendant faces up to 20 years in federal prison. Prosecutors also expressed hope that the high-profile nature of this case would serve as a deterrent to those considering committing financial fraud.
Monetary compensation for reporting financial fraud
The government relies on the help of whistleblowers to successfully prosecute fraud cases like the one described above. Individuals who report instances of financial fraud may be entitled to large financial rewards under several government programs. There are several types of financial fraud, including:
- Accounting fraud
- Bank fraud
- Cryptocurrency fraud
- IRS tax evasion
- Insider trading
- Hedge fund fraud
However, there are specific requirements that must be met to become a financial fraud whistleblower. If you have information that you believe may qualify you as a financial fraud whistleblower, it is highly recommended that you immediately contact an experienced whistleblower attorney to discuss your case. A whistleblower attorney will provide you with guidance on how to report your information in a manner that will give you the best chance at financial compensation.
Contact a financial fraud whistleblower attorney
If you have information that an individual or entity has committed financial fraud, you may be entitled to significant financial compensation. As a financial fraud whistleblower, you have the opportunity to help protect the public, ensure the integrity of the financial markets, and receive a handsome reward for your efforts. However, in order to increase your odds of a successful outcome, you need a knowledgeable whistleblower attorney on your side. At Jeff Newman Law, we’ll provide you with first-rate representation and dependable service in your whistleblower case. Please contact us today to schedule a consultation.