The passing by Congress, in 2010, of the Dodd Frank Wall Street Reform and Consumer Protection Act completely overhauled how financial regulation was to be enforced in the United States of America. It brought sweeping changes to these regulations that had never been witnessed in America for a long time. Individuals were encouraged to report violations of the federal securities laws to the Securities Exchange Commission (SEC). This Act established a Whistleblower program which offered financial initiative and employment protection to the whistleblowers.
Among the first law firms to take advantage of this Act was the Labaton Sucharow law firm. It initiated a practice which focused exclusively on the protection and advocacy for SEC whistleblowers. It utilized its securities litigation platform, the Whistleblower Representation Practice, that consists of a team of forensic accountants, financial analysts and investigators with experience in federal and state law enforcement, to provide protection to whistleblowers. Jordan A. Thomas, who played an instrumental part in the development of the whistleblower program, leads this team. He was also involved in the drafting of the proposed legislation including its final implementation rules. This puts him at the forefront in advocating as well as the enforcement of the Act.
The Act provides that whistleblowers be paid between 10% – 30% of the money collected as a result of a successful SEC enforcement action which exceeds the $1 million threshold. Additional awards are also envisaged in relation to money collected and brought by other regulatory and enforcement organizations. This incentive has the effect of encouraging individuals to report such violations and also discourages would-be violators from such acts. The act has the mechanism of protecting the whistleblower from retaliatory employers especially those who report to SEC in line with the existing rules and regulations. A whistleblower has the choice of reporting anonymously if he is represented by an attorney. Learn more: http://www.secwhistlebloweradvocate.com/program/program-overview
To learn more about the program, an individual can request a case evaluation by contacting the SEC Whistleblower lawyers. This can be done either using the team’s website or through the mail and telephone calls. These consultations services are offered at no cost to the whistleblower. However, it is advisable that during the initial stages of the consultation an individual should not provide any personal or identifying information or the names of the violators. This can be done at an advanced stage later in the process.