Through the Dodd-Frank Wall Street Reform and Consumer Protection Act, individuals shall be protected when they report any violations of the federal securities laws to the Securities and Exchange Commission (SEC). It is worth mentioning that the Congress enacted this Act in 2010. It is considered as the most imperative piece of legislation in terms of financial regulations in the United States after the Great Depression. The new whistleblower program was established under the Dodd-Frank Act. Individuals that report any violations will be provided with financial incentives and employment protection.
The first law firm to engage in whistleblowers protection in the United States is Labaton Sucharow. Over the years, the firm has advocated and protected SEC whistleblower attorneys. The firm has employed the services of investigators who provide excellent whistleblower representation services. In addition, Labaton Sucharow has been working with forensic accountants having broad enforcement expertise in federal and state law as well as financial analysts. All these attributes have seen the law firm build unparalleled securities litigation platform. Jordan A. Thomas who worked in the division of enforcement at SEC, as the assistant chief litigation counsel and assistant director, has played a pivotal role in developing the whistleblower program. As part of his role, he was involved in drafting the proposed legislation besides overseeing the final implementation rules.
Whistleblowers are eligible for 10-30% of the collections of monetary sanctions as provided by the SEC enforcement actions, especially where the sanctions are in excess of $1 million. In addition, the rules of the program provides that if the threshold is met, whistleblowers may receive additional awards based on the collection of the monetary sanctions that have been brought by varying law enforcement and regulatory organizations. The program rules prohibit any retaliation by employers against whistleblowers that file their reports with the SEC. Whistleblowers may report violations of the securities if an attorney represents them. This information was originally published on SEC Whistleblower Advocate as explained in the link below http://www.secwhistlebloweradvocate.com/program/program-overview
If you are interested in requesting a case evaluation or learning more about the SEC whistleblower program, you may contact the whistleblower representation team through email and by telephone. You may also use the website. There are no charges for initial consultations or case evaluations. Through attorney-client relationship, all information is made confidential and protected. In the first consultations, a whistleblower is not required to avail personal identifying information or securities violators’ names. International whistleblowers may access translation services upon request.