Labaton Sucharow Law Firm that was established as the first exclusive practice dedicated to representing Securities and Exchange Commission (SEC) whistleblowers. They are pleased to announce that SEC has issued an award worth $17 million to a whistleblower represented by the company for exposing wrongdoing in the financial world.
This is the second-largest award issued by SEC. SEC is now six years old. The programs offer opportunities for whistleblowers to receive an amount between 10 percent and 30 percent of the total sanctions in monetary value collected in an enforcement action.
The whistleblower client for Labaton Sucharow Law firm provided accurate information that led to sanctions against a major player in the financial world. For this reason, the whistleblower chose to remain anonymous to avoid blacklisting and retaliation. SEC does not disclose any information about cases where their clients played a role in preventing identity revelation.
When others in the financial industry were quiet about the wrongdoings, the whistleblower blew the whistle. SEC whistleblower lawyer and Labaton Sucharow’s Whistleblower Representation Practice Chair and SEC whistleblower Chair, Jordan A. Thomas, says that many of the future cases by whistleblowers will result from courage. The beginning is here.
Mr. Jordan Thomas was the attorney that represented the first officer in a public company to receive an award. For this reason, he worked on the first case to its successful completion. The employer was also charged with retaliation against the employee. While the individual incentives and protection offered by the SEC program continue, the whistleblowers can report the possible violations to the federal securities anonymously. Employer anonymity also protects the whistleblowers with the opportunity to earn substantial amounts of money with employment protection. For funds to be adequately available for award payments, the Congress put in place an inventory program to with a current balance of over $400 million.
Congress enacted the Dodd-Frank Wall Street Consumer and Reform Protection Act in 2010. This was the biggest overhaul of the United States financial regulations since 2008 economic recession. Th established act works to maintain necessary reforms to provide financial incentives to and employment protection for individuals to report possible federal law breaches to SEC. Labaton Sucharow was the first law firm to attain establishment in response to this issue. The whistleblower representation practice builds the largest litigation platform in the country. Jordan A. Thomas is the leader of the SEC division nd SEC whistleblower platform. He has played an important development role towards leadership.