Labaton Sucharow was the first law firm to establish the SEC Whistleblower program. SEC in full is Securities and Exchange Commission. It was announced that a client represented by Labaton received an award of over $17 million from the SEC for exposing significant wrongdoing in the financial services industry.
The SEC Whistleblowing program is almost six years old, and the $17 million received by Labaton’s client represents the second largest award received from the SEC program. The SEC program allows legitimate whistleblowers to get a sum of between 10-30% of the total monetary sanctions collected in an enforcement action.
The SEC protects its whistleblowers against retaliation and blacklisting by maintaining anonymity as well as not disclosing specific cases, which the whistleblowers provided information to avoid indirect revealing of identity.
SEC whistleblower advocate, Jordan A Thomas, claimed that his client morally obliged to blow the whistle unlike the others in the financial industry. He added that the SEC whistleblowing program protects the investors. Jordan, the SEC whistleblower lawyer, insisted that this was just the beginning and that the SEC will count on brave whistleblowers on most significant cases in the coming years.
Jordan, the SEC whistleblower legal representative, was also involved in the representation of an officer who received a whistleblowing award.
The unique protection and incentives offered by the program not only enables eligible whistleblowers to report violations of the federal securities laws anonymously but provides an opportunity to earn substantial monetary awards as well as employment protection. Investors are protected by a replenishing Investor Protection Fund (IPF) put in place by the Congress. The IPF currently has a balance of over $400 million.
About Labaton Sucharow’s SEC Whistleblower Program
Labaton Sucharow’s SEC Whistleblower Program was founded over 50 years ago and is focused exclusively on protecting and advocating for “whistleblowers” who are individuals who report violations of the securities laws. Whistleblowing on breaches of the federal securities laws leverages SEC’s expertise, resources, and experience to deliver excellent results to clients.
Labaton is ranked among the top plaintiff litigation firms and comprehensively represents institutional investors, consumers, and business in complex securities litigation. The whistleblower program consists of an excellent team of investigators, forensic accountants as well as financial analysts to provide representation to whistleblowers. For more information visit www.labaton.com