In 2010, significant amendments occurred in the United States’ finance sector. This transformation was facilitated by the Congress when it approved Dodd-Frank Wall Street Reform and the Consumer Protection Act. These legislations were the only ones that had been passed since the Great Depression. The Dodd-Frank Act gave the Securities and Exchange Commission power to create a protection program for any individual who gives it helpful intelligence on organizations that do not abide by the laws that govern securities. The SEC whistleblower protection program demands that the informants should be appreciated by being guaranteed job security and a monetary motivation.
Law firms in the United States created programs that are dedicated to offering representation to the whistleblowers after the passing of the protection plan. Labaton Sucharow spearheaded the formation of the whistleblower practice, and its services have currently grown to be the best in the industry. The company has dedicated itself to plaintiff representation, and it currently has an outstanding program for filling lawsuits. It has also hired professionals who are well informed on the U.S securities regulations, and they include financial predictors, internal investigator, and forensic specialists
Labaton Sucharow has hired Jordan A. Thomas as the head of its whistleblower representation services. He is an experienced attorney, and he formerly served in the enforcement department of the SEC as a deputy principal litigation counsel and as an assistant director of the commission. During his term of service at the SEC, Mr. Thomas was involved in the creation and the enforcement of the whistleblower protection program.
The laws that have been set by the SEC’s plan state that the commission should give the whistleblowers at least 10-30 percent of the money that it receives as penalties due to the evidence that they offered. The organization is also obligated to ensure that its informants have job security. The Dodd-Frank Act prevents employers from pursuing the SEC whistleblowers.
The Securities and Exchange Commission ensures that everyone can consult it at any time, and therefore, it does not charge any fees. It also allows foreigners to report cases and has been proving translators to assist individuals who cannot speak English. Whistleblowers who would like to disclose information without revealing their identity can use the representation of an attorney. Those who visit the SEC’s offices are advised to withhold their personal data such as names and address to avoid revealing their identity to the public.
A great deal of controversy gets stirred up when it comes to whistleblower cases, but there are more and more people that have been willing to come forward with information as of recent, much of which has been a result of the organizations that have been created to provide protection to such people, despite the consequences that most people feel is imminent. The reason for this type of apprehension is based on the fact that a ton of whistleblowers in the past have been ostracized from their places of business and have essentially had their lives, as well as their livelihoods ruined. However, more and more people are not only coming forward, but are reaping the benefits of taking this seemingly risky move.
An individual who has chosen to remain anonymous has recently received just over seventeen million dollars, after going to court under the representation of Jordan Thomas, who is a SEC whistleblower attorney. One of the biggest things that leads to a favorable ending to these types of cases is when a person decides that they are going to hire a lawyer that specializes in whistleblower cases. This type of law specialization was not something that was occurring just a handful of years ago, but as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as many organizations that have been created to protect whistleblowers, many law firms are starting to specialize in these types of cases. This creates a haven for those people that have information that they want to come forward with and one of the best aspects of the situation on hand is the fact that these people can obtain full anonymity.
One of the biggest problems in the past was the fact that if a person decided they were going to come forward and expose any type of corruption, they were almost always going to be met with a huge amount of backlash, likely perpetrated by those the whistleblowers were exposing. The fact that they actually have protection and anonymity is a huge step and there are likely going to be more multi-million dollar cases as a result. The whistleblowers in these cases, based on the laws that have been set in place, basically get a portion of the money, or the sanctions that the business they are exposing gets hit with, which really creates a win-win situation for everyone.
Learn more: http://www.prnewswire.com/news-releases/second-largest-sec-whistleblower-award-granted-to-labaton-sucharow-client-300282555.html
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