Whistleblowers have become increasingly popular and instrumental in reporting cases regarding probable violations of securities to authorities like the Securities and Exchange Commission. Further, the increased popularity in the emergence of whistleblowers is attributed to the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010. As so, it serves as the most comprehensive overhaul of the financial regulation in the United States since the infamous Great Depression.
The Dodd-Frank Act has triggered the creation of various reforms to protect the rights of whistleblowers such as the establishment of the current Whistleblower program. The Whistleblower program was introduced with an aim to provide substantial financial incentives as well as employment protections in an effort to encourage individuals to report to the SEC pertaining violation of laws of the national securities.
The Role of Whistleblower Attorneys
In the advent of the Whistleblower program, more law firms specializing in the protection and representation of SEC whistleblowers have emerged such as the Labaton Sucharow law firm. The work of a SEC Whistleblower attorney from a law firm such as Labaton Sucharow is to aid Whistleblowers in reporting wrongdoings, which are contrary to the federal securities laws, to the SEC in a confidential manner.
Through its able in-house team of specialists who include forensic accountants, investigators, and financial analysts, the Labaton Sucharow firm can provide its clients with top-notch representation. Primarily, this is because of their training expertise and experience in both federal and state law enforcement.
More so, the Labaton Sucharow’s Whistleblower Representation Team leverages on the experience and leadership ability of Jordan A. Thomas, who was the previous Assistant Director as well as Assistant Chief Litigation Counsel in the SEC’s Enforcement Division. Jordan was highly involved in the drafting and implementation of the Whistleblower Program during his tenure at the SEC.
An Insight into the Whistleblower Program
A SEC whistleblower lawyer is highly conversant with the rules, terms and conditions stipulated by the Whistleblower Programs. Hence, he or she is in a better position to guide a client throughout the reporting and awarding process.
According to the new Program, whistleblowers will be eligible to a reward of between 10-30% of the total amount exceeding $1 million. They also receive job protection against any retaliation by an accused employer such as demotion, threats, discrimination, suspension or harassment. Those who suffer from retaliation can sue for damages incurred, back pay or restatement. Further, they are given an opportunity to report confidentially through the help of an attorney.