Whistleblowers in the US and around the world have more reason to come forward to report possible violations of the federal securities laws to the Securities and Exchange Commission (SEC). This is because of the sweeping changes provided for in the groundbreaking Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. According to the SEC Whistleblower Advocate, the act provides huge financial incentives, employment protections and allows anonymous reporting and for eligible persons who report violations. Whistleblowers will be eligible for more protection than ever before, since the act guarantees powerful anti-retaliation protections.
The act allows whistleblowers to sue the employer in the federal court, if they become a subject of retaliation. The law also disqualifies employers from taking such acts as demotion, harassment, suspension or any such action on whistleblowers who provide information to SEC. SEC Whistleblowers may also report possible violations of the securities anonymously, if represented by an attorney. The attorney must be on hand to verify the identity of the whistleblower before any submissions are made to the Securities and Exchange Commission. The monetary sanctions and awards authorized under the act permits the payment of monetary awards to people who report securities law violations.
Sec is mandated to make a payment of between 10 – 30% to eligible whistleblowers when a successful SEC enforcement action, whose sanction amounts to over $1 million, is enforced. Following the enactment of the Dodd-Frank Act, Labaton Sucharow law firm became the first practice to exclusively start a practice dedicated to protecting and advocating for SEC whistleblowers in the US. The Whistleblower Representation Office includes a team of financial analysts, investigators and forensic accountants trained in federal and state law enforcement practices to ensure unparalleled representation. The team is led by the experienced former Assistant Director and Assistant Chief Litigation Counsel under the SEC Division of Enforcement office, Mr. Jordan A. Thomas.
The Whistleblower Representation Team at Labaton Sucharow can be contacted via email, phone and or electronic submission via the law office website. For over 50 years, the practice has kept in touch with changes in the market in order to meet the growing needs of its clients. According to Labaton website, the high standards of representation and grasp of market changes have seen the practice prosecute precedent setting securities class actions, which have led to the recovery of billions of dollars. Labaton Sucharow practice areas include securities, litigation, financial products and services, antitrust and competition and consumer protection.