Whistleblowers from all aspects of life are coming out in large numbers to blow the whistle on a number of securities violations that they have come across to the SEC. In the year 2010, Congress gave the green light for the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This Act is considered as the U.S. Financial regulation that is most overhauling ever since the era of the Great Depression. The Dodd-Frank Act has a number of important reforms and among the most important of them is the whistleblower program that is new. It promises to provide financial incentives and noteworthy employment protections for persons who report any possible violations of any federal laws on securities to the SEC (Securities and Exchange Commission).
Labaton Sucharow Law firm became the first among the existing law firms to start a practice that is focused solely on advocating and protecting SEC whistleblowers in response to this historic legislation. The SEC Whistleblower lawyers borrow heavily on the market-leading litigation platform on securities from the Labaton Sucharow Law firm. The SEC Whistleblower Program has an in-house team of word class financial analysts, investigators as well as forensic accountants that have valuable experience in state and federal law enforcement. This will enable the provision of unparalleled representation for all the whistleblowers under the program.
Jordan A. Thomas, the former Assistant Chief Litigation Counsel and Assistant Director in the SEC Enforcement Division lead the practice. During his stint at the SEC, he played an important leadership role during the Whistleblower Program development. This included the drafting of the proposed legislation and rules for final implementation. SEC is supposed to pay the whistleblowers deemed eligible a 10-30% of the total monetary sanctions netted when the SEC enforcement action is successful and the sanctions amount exceed $ 1 million. If such thresholds are met then the whistleblowers will be eligible for other additional awards that will be based upon the monetary sanctions made in other related actions instituted by other law and regulatory enforcement organizations.
Contacting the Program
The Act further prohibits any retaliation by the employers as against the whistleblowers that make the report to the SEC in pursuant to the rules of the program. Whistleblowers are also able to make their reports anonymously if an attorney will be representing them. Whistleblowers can contact the team using email, telephone or via electronic submission through the website. It is also important to note that you should not give any information that could lead to the identification of the securities violators. There are translation services available for the international whistleblowers.