Labaton Sucharow has for a long period of time worked with the Securities Exchange Commission (SEC) to help whistleblowers pass their messages with information about violations of securities laws. In recent news, the company saw one of their clients get an award amounting to over $17 million for exposing the wrong things that happen in the financial services industry.
To date, this is the second biggest award the SEC Whistleblower program has issued since inception six years ago. The program is designed to allow whistleblowers with genuine concerns to get between 10 and 30 percent of the total sanctions collected from those who violate securities laws.
In a bid to enhance quality, Labaton Sucharow has been working with top attorneys who are familiar with securities laws and equipped with experience in the industry. One of their objectives is to ensure their clients get professional assistance that can allow them to present their cases without fear of failure or intimidation.
They offer advice about the legality of some cases and whether some situations qualify to be classified as cases of violation. Additionally, Labaton Sucharow also helps their clients so they can receive the biggest possible stake of compensation when their case is reviewed and approved.
The SEC Whistleblower Program
The SEC Whistleblower program was introduced in 2010 following the amendment of the Dodd-Frank Consumer Protection Act that sought to offer better reporting capabilities among whistleblowers. The program is designed to allow whistleblowers from any part of the country to effectively report about violations of securities laws and while at it receive compensation as a way to motivate them for the great work they did for exposing wrong doings.
Through the international reporting provision, whistleblowers from any part of the world can now participate in the process of streamlining the service industry and the business world. The SEC Whistleblower program in the first two years recorded as much as 11 percent total number of reports submitted from other jurisdictions like China, France, Japan and the Great Britain.
Additionally, the allowance for whistleblowers to receive awards has made it possible for more people to come forward to present their cases and findings about securities violations. The program also guarantees employment protection, so an employer cannot intimidate or fire an employee for sharing vital information about violations of securities laws. The whistleblower may also choose to present the report anonymously, something that was not available before the Dodd-Frank Consumer Protection Act was amended in 2010.