The guidelines governing the financial sector were amended by the U.S Congress in 2010 in a bid to protects individuals who volunteer to offer information on fraudulent companies to the Securities and Exchange Commission (SEC). The passing of the Consumer Protection Act and the Wall Street Reform of Dodd-Frank helped in the creation of the SEC whistleblower program that protects all whistleblowers. The program offers the informant protection, job security and a financial incentive for their information on organizations that violate the federal securities’ laws and regulations.
Since the passing of the two acts, many law firms have emerged in the United States that have an aim of ensuring that the whistleblowers are well represented, and their rights are not violated. An example of such a firm is the Labaton Sucharow, which was a pioneer in the sector. The company has strategies that are well set up to ensure that it is successful. It has an excellent litigation platform, financial specialists, forensic auditors who are well informed on the federal and state laws, and a talented team of investigators that is regulated by a Whistleblower Representation Practice. All employees of the company are dedicated to ensuring that the SEC informants get the best legal representation. Learn more about SEC Whistleblower Lawyers.
The activities of Labaton Sucharow are managed by Jordan A. Thomas. Jordan formerly served the Securities and Exchange Commission and he greatly took part in the formation of the Whistleblower Program and its implementation. At the SEC, he worked as an Assistant Chief Litigation Council for the Division of Enforcement and also as the institution’s Assistant Director.
The rules that were set by the Whistleblower Program under the Dodd-Frank Act demand that that 10-30 percent of the money that is collected by the SEC due to intelligence or actions of the whistleblower should be given as an incentive to him or her. The threshold of the sanctions is set at one million dollars and if the money collected is more the informant can still be awarded extra money. The job of the whistleblower should also be protected, and the Doff-Frank act states that it is wrong for an organization to retaliate against its employee because of providing information to the SEC. The institution advises whistleblowers to seek the help of an attorney if they would like to report anonymously. Reporting to the SEC is free and the information is protected by the attorney client privilege. It is however wise for one not to disclose personal information when reporting.