Michael Lissack and Whistleblowing

Dr. Lissack has acquired a national reputation as a whistle blower following his role in exposing the arcane world of municipal finance. In April 1998, the US Department of Justice announced that it had joined in a whistleblower suit Dr. Lissack filed regarding the repayment of nearly $1 billion to the US Treasury. Since then the US Government has recovered more than $250 million as the result of Dr. Lissack's initiation of legal action. Since his first public accusations in March 1995, he has been responsible for shedding light on numerous illegal and unethical practices of Wall Street firms. His allegations have been involved in more than one dozen civil and criminal investigations by the SEC, IRS and the US Department of Justice and in the promulgation of IRS Revenue Procedure 96-41. The investment practices of many state and local governments throughout the United States have been revised as a result of Dr. Lissack’s initiative.

It is critical to realize that it is rare for a successful whistleblower to be "uninvolved" in the scandal on which they blew the whistle.  Dr. Lissack was banned from the securities industry from 1998 to 2003 in conjunction with his activities in municipal finance.  He and his prior employer Smith Barney engaged in protracted and ugly litigation between 1995 and 2001 regarding Dr. Lissack's whistleblowing allegations.

Dr. Lissack
presently has a  ongoing whistleblower action before regulators and the courts regarding the alleged misappropriation of member deposits by a formerly prominent Southwest Florida developer.

Dr. Lissack has written editorials on the subject of whistle blowing for the New York Times and the Los Angeles Times and has been profiled in many international publications including Fortune, Business Week, the Economist, the Wall Street Journal, the Financial Times, and USA Today.

External links:

Chapters from Henry Scammel's book Giant Killers

Press Release from Phillips and Cohen

Wikipedia entry 1

Wikipedia entry 2

SEC Action in 1998


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