THE SEC Whistleblower program
Dodd-Frank’s Wall Street Reform and Consumer Protection Act has proved to be the most impact causing overhaul made by Congress in 2010. Among its symbolic reforms is the Whistleblower Program. Year by year bold whistleblowers are coming forth to break their silence on the many compelling security violations of the federal security laws enacted by the Security and Exchange Commission (SEC).
The substantial payouts being made to brave whistleblowers are substantial enough, and the program ensures the names of these individuals remain anonymous. The Security and Exchange Commission ensures those who report on violations of its federal laws are compensated ten to thirty percent of collected money as long as it’s past the value of one million dollars.
Proof of the significance of this program comes with the recent award of seventeen million dollars, featuring a case that involved a notable player in the financial service industry. The tip offered by the courageous whistleblower, as reported by SEC’s enforcement chief, helped conserve time and resources in gathering information that was crucial to the case.
This award is the second largest payout made by the program in its five years course of running. The largest ever payout made was thirty million dollars in September 2014. During its five years of running, the SEC’s Whistleblower Program has issued over $26 million to five bold individuals.
The establishment of the Whistleblower Program instigated the Labaton Sucharow law firm that exclusively ensures that whistleblowers are protected. The firm also guarantees the rights of these noble individuals are strictly followed through and advocates for the cause of the program.
The firm’s reputation for the impressive representation of the SEC’S whistleblowers is built upon the incorporation of inquisitors, financial analysts and forensic accountants with significant background with the federal and state law enforcement.
The Labaton Sucharow law firm is led by Jordan A. Thomas who previous affiliations with the SEC in the Division of Enforcement. Acting as the assistant of both Director and Chief of the Litigation Counsel, Mr. Thomas played a colossal role in the development of the Whistleblower Program during his tenure at the Securities and Exchange Commission.
Remittance of ten to thirty percent of the proceeds sanctioned by the SEC is a law which is strictly followed through under the Whistleblower Program Act. Payment is only made to proceeds over the value of one million dollars. Whistleblowers who meet the threshold are also viable for other monetary awards based on the proceeds collected about actions that are brought by other regulatory and law enforcement agencies. Learn more about the SEC Whistleblower attorneys.