Six years after the establishment of a whistleblower program, Labaton Sucharow’s client has received the second largest award. Labaton Sucharow LLP pioneered in establishing a practice that specifically represents Security and Exchange Commission (SEC) whistleblowers. According to the announcement, SEC awarded their client $17 million. This was after exposing violations in the financial services industry.
The whistleblower program dictates that eligible whistleblowers should receive 10-30% of the total money sanctioned from a successful enforcement action after reporting possible violations in the financial markets. The awarded client (whistleblower) represented his case anonymously. In addition, the SEC concealed the identity of the whistleblower that provided the crucial information regarding the violation of a prominent figure in the markets.
Whistleblowers are motivated to report such cases anonymously. This is based on the SEC whistleblower program’s policies on protecting the identity of whistleblower and offering them incentives. The Congress established an Investor Protection Fund with the purpose of ensuring that adequate funds are made available to pay awards. Jordan A. Thomas praised his client for speaking up over a significant violation that harmed investors, as others remained silent. He is the chair of the whistleblower representation practice at Labaton Sucharow and SEC whistleblower lawyer.
Thomas strongly believes that, in the future, more whistleblowers will gain courage and come forward to expose such wrongdoings in the financial markets. Jordan Thomas is a veteran in the SEC whistleblower program. He was the first lawyer to represent an officer from a public company. He is also credited for pursuing the first case where an employer was charged for retaliating against an employee who exposed his fraudulent activities. This information was originally reported on PRNewswire as explained in the following link http://www.prnewswire.com/news-releases/second-largest-sec-whistleblower-award-granted-to-labaton-sucharow-client-300282555.html
About SEC whistleblower program
SEC whistleblower program was established in 2010 through the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the program, the SEC should provide employer protection and incentives, in monetary value, to individuals who expose violation of the federal securities laws. After the establishment of the legislation, Labaton Sucharow became the first law firm to introduce a practice dedicated to whistleblowers.
The firm’s whistleblower representation practice consists of a highly trained in-house team of investigators and forensic accountants who are experienced in federal. Other professionals are state law enforcement and financial analysts. Jordan Thomas is a leader at the law firm. He played a pivotal role in the establishment of the whistleblower program while he served at the SEC. This information was originally mentioned on SEC Whistleblower advocate as outlined in this link http://www.secwhistlebloweradvocate.com/program/program-overview