The establishment of the Dodd-Frank Act which was designed to add more regulation and oversight to the financial markets also created a new whistleblower program for the Securities and Exchange Commission. Following the passing of the Dodd-Frank Act by the U.S. Congress the Labaton Sucharow law firm created the nation’s first team dedicated to providing support and assistance to those looking to enter the program created by the SEC; the decision to appoint attorney Jordan A. Thomas as the head of the whistleblower team at Labaton Sucharow brought one of the authors of the Dodd-Frank Act to the team.
Not in their sixth year of operation, the team at Labaton Sucharow has just announced the latest award for a whistleblower represented by the law firm has reached $17 million. The Dodd-Frank Act allows the SEC to award each whistleblower a portion of any fines brought against a company or individual totaling $1 million or more; the 10 to 30 percent allowed as a financial reward is calculated accoring to the quality of the information received from the whistleblower. The $17 million reward comes after the individual provided some of the best quality information in a case that Jordan A. Thomas believes could lead to almost every case brought by the SEC driven by information from a private whistleblower.
One of the main benefits of working with the team at Labaton Sucharow comes with the high level of understanding the team has for the law regarding whistleblowers. Protecting the identity of each whistleblower is seen as important for the continued success of the program, which has gone so far as to create a reward fund to provide financial awards for whistleblowers in a bid to help protect their identities as they are not waiting for fines to be paid before receiving a reward.
Other issues that must remain of importance for the team at Labaton Sucharow and other whistleblower programs is the continued protection of the identity of each whistleblower; the SEC has instituted rules where information from a whistleblower is not reported as being the catalyst for a case being brought. Jordan A. Thomas and his team have not only become experts in providing assistance and support for whistleblowers, but Thomas himself has assisted on cases where a whistleblower has been identified and victimized by an employer regardless of the rules of the SEC. Learn more about SEC Whistleblower lawyers.