Many changes have come about since the economic meltdown of 2008 changed the way Americans view our financial system. One of the most significant pieces of legislation to come from that was the Dodd-Frank Wall Street Reform and Consumer Protection Act. One important aspect of this sweeping reform act is the whistleblower program. This program builds in employment protections and financial incentives for employees who report possible federal security law violations to the Security and Exchange Commission (SEC).
The significance of the whistleblower act cannot be understated. It has opened the door for findings of wrong doing by offering protection for those who speak up. In response to the passage of this act, Labaton Sucharow became the first law firm to focus its work solely on the protection of those who would come forward as whistleblowers. The team at this firm is made up of world-class legal experts in the fields of investigation, financial analysis and forensic accounting. Everyone on this team has federal and state law enforcement experience, which means they bring top level expertise to the whistleblower clients they represent.
Jordan A. Thomas is the head of the whistleblower practice at Labaton Sucharow. Thomas’s experience includes his time as the former Assistant Director and Assistant Chief Litigation Counsel in the SEC’s Division of Enforcement. He acted as one of the leaders in the Whistleblower Program’s development, and created the proposed legislation that became the whistleblower act.
Under the rules of the whistleblower program, the SEC must pay a whistleblower 10 to 30% of the money collected in a successful SEC enforcement action, if the amount exceeds $1 million. It’s also important to note that whistleblowers are allowed to report securities violations to the SEC Anonymously if they are represented by an attorney. The rules of the Dodd-Frank Act prohibit any retaliation against a whistleblower by an employer.
Anyone who wishes to learn more about the whistleblower program or to request an evaluation of a case should contact the office of Labaton Sucharow. Our team of experts is ready to offer a consultation and case evaluation, today.
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