Today, most whistleblowers are not afraid to report security violations to the Securities and Exchange Commission (SEC). In 2010, the public was elated by the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Since the Great Depression, different companies were reporting increases in unethical practices. However, the Act was considered to have completely overhauled the financial regulations in the United States.
In addition to many reforms, the Dodd-Frank Act came up with a new whistleblower program that was designed to protect employees. It also provided incentives for the public to report any probable violations of the securities laws. When the legislation was passed, Labaton Sucharow come to the fore as the first law firm to engage in protecting and enhancing the rights of SEC whistleblowers.
The firm has a team of qualified professionals who have vast experience in various fields. They include financial analysts, forensic accountants and investigators having extensive expertise in federal and state laws. This way, they have broad knowledge on how to represent whistleblowers. The firm has an excellent market-leading litigation platform. Jordan A. Thomas leads the firm given his vast experience as a chief litigation counsel and an assistant director at SEC’s enforcement division. While at the SEC, Thomas was extensively involved in formulation of the whistleblower program. He drafted the proposed legislation besides implementing the final rules.
According to the program rules, the SEC is mandated to pay a whistleblower 10%-30% of the money collected from a successful enforcement where the consideration is more than $1 million. In addition, whistleblowers may be provided with additional awards, which are collected from the enforcement actions brought forth by various law and regulatory organizations. Moreover, the Dodd-Frank Act makes it clear that employers should not retaliate against whistleblowers that report them or their company’s to the SEC in line with the program rules. When represented by an SEC whistleblower attorney, whistleblowers may go ahead and report plausible securities violations.
In order to learn about the SEC whistleblower program or make a request on a case evaluation, one can contact the whistleblower representation team through a number of ways. Submissions may be made through the website, telephone or email. Initial consultations are undertaken without any charges. This also applies to case evaluations, which are protected and confidential as provided by the attorney-client privilege. It is the duty of an SEC whistleblower lawyer to encourage individuals not to make known their personal information or even the names of the securities violators. Upon request, international whistleblowers can be provided with translation services.