The SEC Pays Whistleblowers $33 Million Dollars

Bruno Fagali has recently posted an article on his blog regarding one of the largest rewards given by the SEC to whistleblowers. Two rewards were granted by the Securities and Exchange Commision to two people who reported and helped proves serious financial irregularities that were committed by Bank of America. Read more about Fagali on Crunchbase.

Three individual reports were made about Bank of America’s illegal financial activity. It turned out that only two of the reports made consisted of serious financial violations that were initiated by wealth management company Merril Lynch, and the activity continued after Merril Lynch purchased Bank of America.

Fagali reports that the first violation committed by Bank of America was using account holders money for secret and risky transactions. The SEC found that Bank of America used five million dollars of its account holders money from 2009-2012. The five million dollars generated fifty million dollars in profit for the bank. Bank of America consciously put account holders assets at risk for their own profit instead of protecting those assets.

Fagali reports that the second violation committed by Bank of America was to place account holders money in secret accounts that were placed in compensation burdens. For six years fifty-eight billion of account holders money was placed in reserve. This money could have been subject to claims of bank creditors, and at the time it was feasible to believe that the bank may have had to file for bankruptcy.

Fagali’s blogs clearly state that these actions violate Bank of America’s responsibility for consumer protection. Instead of complying with its legal duty to protect their account holders assets Bank of America put fifty-eight million dollars of their account holders assets at risk. Though the bank’s actions did not result in any losses to the account holder the bank is still liable for its actions. Learn more:


Bruno Fagali: A Superlative Attorney From Brazil

Bruno Fagali, a corporate integrity expert, as well as a professional counsel is well-known for his involvement in cleaning the Brazilian public contracts, taking into account the scandals following the dubious agreements, through transparency drive and driving integrity campaigns.

He serves at Nova/SB, a top Brazilian advertisement firm as the Corporate Integrity Manager. With an experience of nearly one decade in the provision of high-quality legal resolutions particularly in the corporate field, Bruno understands what is needed when it comes to cleanup campaigns.

Bruno Fagali has extensive experience in Regulatory Law, Urban Law, Administrative Law, Compliance, and Ethics. He knows the significance of his position at Nova/SB and has generated many initiatives to bring integrity to the advertisement agency. As a leading organization in the advertising sector, the firm gets numerous public deals directly from a variety of government departments.

Owing to the extensive public outrage reported against corruption in numerous government units, the government is more focused on executing a transparency drive to reinstate the lost faith of the residents. As an advertisement firm who pioneers and executes new initiatives, Nova/SB needed a committed force for integrity within the agency and appointed Mr. Fagali for the position.

As the advertising firm’s Corporate Integrity manager, he executed a Corporate Integrity Program both in Sao Paulo and Brasilia offices. Mr. Bruno Fagali also set up an employee ethics commission and formed a new guiding principle of treating members and employees equally. His employment term with the company will last for 36 months, and it can’t fire him before that; this apparently gives him control and assists him in making impartial decisions.

Fagali earned his degree in Law in 2009 from the Pontifical Catholic University of São Paulo where he specialized in Administrative Law. He also studied his Master’s degree in State Law at the University of São Paulo. Bruno worked with various law companies such as Ramires, Manesco, Perez, Teixeira Ferreira, Tojal, Radi, Calil, Associados advocacia, Serrano & Renault Advogados Associados and Azevedo Marques Law Firm.

Bruno Fagali holds various influential positions in Brazil’s legal spheres. He is the coordinator and an associate of the Brazilian Institute of Business Law and Ethics. He is also involved with the Advertising Agencies Commission where he serves as the coordinator. Bruno has also studied electoral and compliance law, marketing and advertising as well as parliamentary law. He is conversant with various languages such as Italian, Spanish, French, and English which has assisted him in representing clients from all walks of life.