Posts in Category: Corporate Ethics

SEC Makes More Provisions for Whistleblowers

To help battle the financial crisis, in 2010 Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was the biggest governmental revolution in the U.S. since the Great Depression. This particular act provides incentives for individuals to report wrongdoing to the Securities and Exchange Commission when it is recognized. The rewards are awarded only when the sanctions reach at least $1 million. This is why it is known as a whistleblower program. The government well recognizes that whistleblowers are an imperative element in defeating corruption in the financial world.

Cleaning up these discoveries means helping maintain the integrity of the U.S. financial landscape. They are key in helping them identify this corruption wherever it is found. This move by the government discouraged law firms all across the country to get involved. The firm, Labaton Sucharow, was the first firm in the U.S. to set up practices that would were focused entirely on this act. These practices are encompassed by the Whistleblower Representation Practice, which is led by Jordan Thomas, the former Assistant Director and Assistant Chief Litigation Counsel.

Thomas has done more for the program than just lead it. He was also instrumental in founding and developing it. The program pays out 10-30% of any monetary gain as a result of their whistle-blowing for violations of the Commodity Exchange Act. In addition, they may be able to get an additional payment because of side things that may result from their whistle-blowing. Congress has authorized that all of these payments be made from its Investor Protection Fund. However, the Dodd-Frank also protects the whistleblower against any retribution or retaliation by the offending company against the whistleblower.

If a company or institution does make retribution or retaliation against an individual, there are ordained things that can be done to legally protect them from any kind of persecution. You can request further details about the SEC Whistleblower lawyers via telephone, email, or contacting the website. During this inquiry process, prospective will not have to identify themselves with any personal information. For such persons who don’t know English, translation services are available by request.