The enactment of Dodd-Frank Wall Street Reform and Consumer Protection Act by Congress in 2010 signified the greatest overhauling of the U.S. financial regulations from the time when Great Depression occurred. This act brought about a number of important reforms including the whistleblower program that is new and offers financial incentives and employment protections that are significant. These incentives are aimed at enabling more individuals to report any possible federal securities laws’ violations to the SEC (Securities and Exchange Commission).
The firm of Labaton Sucharow became the first in the country in establishing a practice that exclusively focuses on the protection and advocating for the SEC whistleblowers in line with the enactment of the historic legislation. The firm has a leading platform for securities litigation in the market and it is on this platform that it seeks to build the Whistleblower Representation Practice. The firm has a team of world-class financial analysts, forensic accountants and investigators that have enforcement experience in both state and federal law. This will ensure that the firm offers an unmatched representation for the whistleblowers. Jordan A. Thomas, formerly the assistant Chief Litigation Counsel and Director at the SEC’s Enforcement Division, leads the practice. He played an important role in the Whistleblower Program development especially in drafting the proposed legislations and final implementation of the rules.
SEC is supposed to pay all the whistleblowers that are eligible a 10-30% of the total monetary sanctions it collects as a result of successful enforcement by the SEC or sanctions that exceed the $1 million mark. If the threshold is met then the whistleblowers will also be eligible for other additional awards that will be based on the monetary sanctions netted in actions brought about by other law enforcement and regulatory organizations. Employers are prohibited from retaliation against whistleblowers that make reports to the SEC according to the rules of the program. It is also possible for whistleblowers to make reports about any possible security violations anonymously especially if they are represented by a counsel.
Contacting the SEC Whistleblower Program
When you need to contact or reach the SEC Whistleblower Program or request to have a case evaluation, there are a number of ways that you can do it. You can use email, telephone or even electronic submission via their website. All the initial case evaluations and consultations will be free, protected by confidentiality and attorney-client privilege. Individuals contacting SEC ought not to disclose any information that may identify them or the identities of the possible security violators. There are translation services offered for the international whistleblowers.