CITIGROUP WHISTLEBLOWER GETS $31 MILLION

Sherry Hunt, now a Vice President of quality assurance will receive $31 million for her role in turning in Citigroup for falsely declaring massive volumes of mortgages to be fit for its federal insurance program. Some employees shredded documents to evade qualilty assurance. Ms. Hunt tried to stop the practice but felt the company was asking her to look the other way and she sued under the False Claims Act. Citigroup has agreed to pay $158.3 million to settle the charges. It is now expected that more whistleblowers will come forward to report bank fraud.