Labaton Sucharow LLP was the first law firm to specialize exclusively in SEC whistleblower protection. In 2010, Congress finally passed Wall Street regulations in the form of the Dodd Frank bill. The pill has many shortcomings but it goes a long way in protecting SEC whistleblowers when they come forward to shine a light on wrongdoing in the financial services industry.
The law firm is now pleased to announce that it secured the second largest financial reward for an SEC whistleblower. The $17 million reward is a significant cut of the government fines recuperated from the SEC whistleblowers financial institution.
Dodd Frank allows any SEC whistleblower that comes forward under the rules of the act to collect anywhere between 10 and 30% of the fines levied against the financial institution that they exposed. To qualify for this financial incentive, the fines must be over $1 million. That is quite a financial incentive for any SEC whistleblower looking to come forward.
The whistleblower protections found in Dodd Frank are an incredibly efficient way of rooting out criminal activity in the financial services industry. With massive financial incentives and incredible protections, any employee that stumbles upon wrongdoing has an impetus to come forward now.
Jordan A Thomas, the top SEC whistleblower lawyer at Labaton Sucharow LLP, said of the financial reward, “My client blew the whistle when others in the financial services industry were content to remain silent and allow investors to be harmed. In the coming years, I predict that many of the SEC’s largest and most significant cases will be the result of courageous whistleblowers. This is just the beginning.”
Mr. Thomas is the leading SEC whistleblower protection lawyer in the country. He represented the first executive to receive a financial reward for whistleblowing. Mr. Thomas successfully defended the first employee to be retaliated against for whistleblowing.
Mr. Thomas used to work at the Securities and Exchange Commission as a litigator in their enforcement wing. The SEC whistleblower attorney has intimate knowledge of the protections found in Dodd Frank. Whistleblowers can come forward anonymously through a lawyer like Mr. Thomas. This ensures the whistleblowers anonymity through the entire process which guarantees protection from retaliation.
Labaton Sucharow LLP also notes that any SEC whistleblower may be entitled to even more compensation than the federal incentive. In SEC whistleblower may be entitled to a cut of any fines collected by other law enforcement agencies.