The SEC program is a subsidiary movement under the Dodd-Frank Wall Street Reform and Consumer Protection in 2010 to protect and give whistleblowers a platform.
Since the establishment of Labaton Sucharow LLP, the law firm has awarded over $17 million to whistleblowers. The firm was the first to represent Securities and Exchange Commission individuals who reported violations at their workplace. The whistleblowers awarded reported misdoings at their workplace in the financial industry.
Labaton Sucharow has a history of representing institutions, investors, businesses, and consumers. The firm provides expert financial data analysts, forensic accountants, and investigators to conduct a thorough investigation of cases. The professionals hired by Labaton Sucharow meet qualifications of the federal and state laws. The firm has earned recognition among lists such as The Legal 500.Chambers and Partners and The National Law Journal’s Plaintiffs Hot List and the Benchmark Litigation.
The Securities and Exchange program was set up six years ago to aid in eliminating corruption in the industry as a recovery strategy after the Great Depression.
The recent case execution by Labaton Sucharow led to the arrest of key players in the finance market. Jordan A. Thomas, the attorney, participated, commented that the client was courageous to give up information about a major employer and hence contributed hugely to the curbing of a significant security breach. He added to say that he predicts more people will follow the whistleblower’s steps in a bid to improve the financial market.
Mr. Thomas, who is also the chair of Labaton Sucharow, received an award on behalf of a public company employee whistleblower. The employer of the whistleblower faces charges for retaliating against the employee, which is a restriction according to the SEC regulations.
Labaton Sucharow, however, aims to protect the identity of their clients to avoid such retaliation and eventual blacklisting of the individual by other companies. The SEC also doesn’t reveal any other information regarding the case nor people involved.
The regulations of the program set by SEC provide a platform for whistleblowers to bravely step forward with information about criminal activities at their workplaces, under the protection of the employer. The Congress has created the Investor Protection Fund to ensure a constant availability of the monetary awards. To date, the Fund has generated an excess amount of approximately $400 million.