The United States laws that control the finance industry were modified when the Consumer Security Act and the Wall Street Reforms of Dodd-Frank were passed by the Congress in 2010. These two acts were the first noteworthy legislations that had taken place since the passing of the Great Depression. The Doff-Frank Act led to the formation of a program that protects individuals who voluntarily provide useful information about fraudulent companies to the Securities and Exchange Commission (SEC). The law that protects the informants demands that the SEC should reward them with money and security for their jobs.
Various law companies have been formed in the United States with a major aim of providing legal representation to individuals who provide information to SEC. The Labaton Sucharow law firm is an example of these organizations and it is a pioneer in the industry. Labaton Sucharow is well organized and has currently created a competent system that facilitates the filling of litigations, financial analysts, forensic auditors who have ample knowledge on how state and federal laws are executed, and well-trained investigators who are guided by a Whistleblower Representation Practice. Professionals serving the firm have a target of offering unparalleled legal representation to the company’s clients. Jordan A. Thomas is the current head of the law firm, and he is acknowledged for his outstanding career profile. He worked for the SEC as the enforcement division’s assistant chief litigation counsel and also as its deputy director. Mr. Thomas is famous in the sector for the roles that he played in the formation and enactment of the whistleblower protection program.
According to the rules of the SEC whistleblower security program, the informant is given 10-30 percent of the total money that the commission collects as penalties, and the threshold of sanctions is set at one million dollars. If this limit is exceeded due to activities of other law enforcement organizations, more money can be awarded to the whistleblower. Another protection that the whistleblower gets from the program that was created by the Dodd-Frank Act is the defense against harassment from the employer. The law prohibits organizations from revenging to the SEC informants.
It is advisable for the whistleblower top report cases anonymously by using attorneys as representatives. The information that the public provides to the SEC is protected by the attorney-client privilege. Informants should not give their names and address when reporting to the SEC. Consulting the SEC is free for everyone and the commission provides translators for people who do not speak English.