SEC Whistleblower Earns Second Largest Award In History

Labaton Sucharow LLP is the country’s first practice that is dedicated exclusively to representing SEC (Securities and Exchange Commission) whistleblowers. In June of 2016, they were pleased to announce that the SEC awarded a whistleblower over $17 million for exposing financial services industry wrongdoings.

 

This large award is now the second largest award from the SEC Whistleblower Program, which is currently into its 6th year. This particular program lets whistleblowers receive up to 30 percent of monetary sanctions won in successful enforcement actions.

 

This client, working with Labaton Sucharow, gave the SEC great, quality information leading to the sanctions against a significant member of the financial markets. As with most other cases, this whistleblower has chosen to remain anonymous.

 

Whistleblower lawyer, Jordan Thomas, claims that this client blew the whistle while others in the industry were completely happy remaining quiet, allowing investors to suffer. He believes in the upcoming years, much of the SEC’s significant cases will be won because of the courage of whistleblowers.

 

Jordan Thomas has also represented the very first officer of a public company to receive the whistleblower award and also worked on the very first case that involved the SEC charging an employer with the retaliation against a whistleblower.

 

There are unique protections offered by this Whistleblower Program, which allow people to report federal violations anonymously to the SEC. The SEC offers employment protections and an opportunity to gain monetary awards. Congress has even established an Investor Protection Fund, to ensure that funds are available to pay awards to eligible whistleblowers.

 

In 2010, Congress ratified the Dodd-Frank Wall Street Reform and Consumer Protection Act. This act produced a massive overhaul of financial regulation. Included in this act was the SEC Whistleblower Program. Under the rules of the program, the SEC guarantees whistleblowers up to 30 percent of the sanctions collected that result from a successful enforcement action.

 

In response to this epic legislation, Labaton Sucharow became the first law firm to practice exclusively in the protection and support of SEC whistleblowers. They have a world-class team of investigators, analysts and forensic accountants with years of experience that provide unrivaled representation for whistleblowers.