ALBANY — Democratic lawmakers are seeking to create new incentives for whistleblowers who report fraudulent business practices to the state’s top financial regulators, a move they say would allow New York to aggressively combat white-collar crime if the federal government ceases to do so.
The expansive “Government Response to Insider Fraud and Trading Act,” or GRIFT, would establish a mechanism and payment scale for whistleblowing employees or other individuals who tip off the state attorney general's office about suspected securities fraud. Securities fraud is a white-collar crime that typically involves gaining money from investors using unscrupulous or fraudulent means.
It would also include whistleblowers making complaints about alleged violations of insurance, banking or financial services laws, which are regulated by the Department of Financial Services.
The bill’s sponsors, Senate Deputy Majority Leader Michael Gianaris and Assemblyman Micah Lasher, contend that under the administration of President Donald J. Trump, federal agencies that typically go after this type of crime could be substantially weakened.
In recent months, New York Democratic lawmakers have sought to bolster the state against real and hypothetical actions undertaken by the Trump administration. That has included pitching state-level versions of federal programs or adding new protections for politically charged priorities.
“Given the last couple of weeks, I think it’s best for the states to step...
The Western Australian government has issued a stern warning to the state’s solar industry over potentially misleading promotions and “false claims” about the soon-to-launch residential battery re...