The laws that govern the financial sector of the United States were transformed when the Congress approved the Dodd-Frank Wall Street Reform and the Consumer Protection Laws. The two legislations where the most significant ones that have been enacted since the Great Depression. The Securities and Exchange Commission formed the whistleblower protection program, which is under the Dodd-Frank Act. The plan is meant to protect the rights of any individual who volunteers to offer useful information on businesses that do not operate by the federal and state securities laws. The protection program demands that the informants should be given a financial motivation and job security guarantee by the SEC.
Since the passing of the whistleblower protection laws, many firms have created units that are primarily devoted to offering legal service to the informants of the SEC. The leading company that provides these representation solutions is Labaton Sucharow. It created the first whistleblower representation practice in the sector, and it has currently developed an exceptional staff for offering services to its clients.
All activities that deal with Labaton Sucharow’s representation of whistleblowers are headed by Jordan A. Thomas. The SEC formerly employed him as the Department of Enactment’s assistant principal litigation counsel and the deputy director of the commission. He is, therefore, highly knowledgeable about securities laws. Thomas was among the SEC staff that participated in the formation of the whistleblower protection program.
The SEC’s laws that protect its informants demand that approximately 10 to 30 percent of the money that the commission collects due to information that was offered by the whistleblower should be offered to him or her as a financial incentive. Other law enforcement agencies that use the information to gain fines are also required to give a reward to the source. It also offers job protection to the whistleblowers and prohibits employers from sacking them.
The SEC encourages the public to report cases at its offices. The whistleblowers are not required to pay any fees when consulting the organization. The commission ensures that foreigners can also offer information by providing translators to assist individuals who cannot speak English. SEC Whistleblowers are advised to use attorneys when providing information to avoid disclosing their identity.