What is the Corporate Fraud Accountability Act?

The Corporate Fraud Accountability Act is a law in Virginia that allows whistleblowers to come forward and report corporate fraud. It protects them from reprisal or other actions taken by their employers in response to their speaking out. It also provides incentives for whistleblowers to report fraud to the authorities in order to put a stop to corporate wrongdoings. The Corporate Fraud Accountability Act was passed in 2020 and applies to all public companies, officers, and directors registered with the United States Securities and Exchange Commission (SEC). It holds these entities accountable for any fraudulent or illegal activity taking place within their organizations. Under the law, whistleblowers are given generous rewards for their reporting and are also protected from bullying and threat of termination or other forms of reprisal from their employers. All reports of fraud must be filed with the appropriate body with the Office of the Attorney General as the lead agency in Virginia. The Corporate Fraud Accountability Act was created to give whistleblowers the confidence to come forward and report corporate fraud without fear of consequence. By creating such a law, it sends a loud message to all corporations and businesses that fraud and corruption will not be tolerated. With these incentives and protections in place, more fraud can be exposed and more companies held accountable for their actions.

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What is the Corporate Fraud Accountability Act?

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