A Detailed Review of SEC Whistleblower Program
Dodd-Frank Act became a federal law on July 21, 2010, after being signed by President Barrack Obama. The primary goal of passing the act was to protect the U.S. financial system from the financial crisis such as the one that occurred back in 2008 and left millions of Americans jobless. This act will police the financial system and avert excessive risk-taking, which caused the financial crisis. The development of a whistleblower program was one of the many benefits that came with the passing of Dodd-Frank Act. The program offers employment protections and rewards individuals who report potential securities laws violation and integrity breaches to the SEC.
Labaton Sucharow is a law firm that reacted to the sweeping legislation by establishing a practice purposely focused on protecting and representing SEC whistleblowers in court. The firm has an established securities litigation platform. Its Whistleblower Representation Practice is managed by a team of specialists consisting of financial analysts, forensic accountants, and investigators who have unmatched federal and state law professional expertise. The experts represent whistleblowers and ensure that their rights are respected.
Jordan A. Thomas, head of the practice
Jordan Thomas, who previously served as Assistant Chief Litigation Counsel and Assistant Director for the SEC’s Division of Enforcement, leads the Whistleblower Representation Practice. He played a significant role in developing the Whistleblower Program. He participated in the drafting of the suggested legislation and final execution rules.
How whistleblowers will benefit from the program
The rules of the whistleblower program clearly state that SEC should pay qualified whistleblowers 10 to 30 percent of finances collected when the SEC enforcement action becomes successful, and the monetary sanctions go above $1 million. In case this threshold is achieved, whistleblowers will enjoy additional awards from monetary sanction collected in similar actions forwarded by law enforcement and regulatory organizations. The Dodd-Frank Act outlaws any form of retaliation by employers or bosses against whistleblowers who forward claims of possible violations of laws to the SEC. Whistleblowers are offered a chance to report integrity breaches and violation of laws anonymously if an attorney is representing them.
Interested individuals can visit Whistleblower Representation Practice’s website to enlighten themselves on the SEC Whistleblower Program and probably submit their cases for evaluation. The first case evaluation and consultation is offered free of charge. In addition, all the cases electronically submitted to the website are confidential. Additionally, an attorney-customer privilege protects all the issues discussed between a client and the representation team.
Learn more about SEC Whistleblower Lawyers