Silicon Valley Workers Get Hotlines to The FBI

Silicon Valley workers were provided with telephone and e-mail hot lines to send tips about accounting irregularities and securities frauds directly to federal authorities. These fraud tip services are believed to be the first of their kind in the United States.

The services were established by the Northern California divisions of the Federal Bureau of Investigation (FBI), working with the Northern California divisions of the U.S. Attorney's office and the Securities and Exchange Commission.

According to the special agent in charge of the FBI's Northern California office, the decision to base the first services there was not based on any studies or presumptions that fraud is more common in Silicon Valley than other parts of the country.

To help educate both workers and the general public, the FBI has also launched a separate Web site that defines and gives examples of securities fraud. Anyone with information regarding potential securities fraud violations is encouraged to contact the San Francisco Division of the FBI, via e-mail at sq14a.San.Francisco@fbi.gov or telephone (415-551-7100 or 800-207-7676).

Authorities say they will keep all information confidential and will try to prevent businesses from retaliating against whistle-blowers. Last week, President Bush released a statement saying the new whistle-blower law will only protect those who provide information as part of a congressional investigation.

-Rosemary Schlank

You may like these other stories...

By Jason Bramwell Government leaders of eight of the world's largest economies pledged on June 18 to take a tougher stance on fighting tax evasion. The Group of Eight (G8) leaders, who met in Northern Ireland,...
By Jason BramwellAttorney General Eric Holder is scheduled to testify on May 15 before the House Judiciary Committee, one day after he announced the Justice Department has opened a criminal investigation of the IRS for...
By Jason BramwellPresident Barack Obama says he will not tolerate political bias at the IRS and promised to get to the bottom of the agency's admitted targeting of conservative groups, according to a May 13 article in...

Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.