Labaton Sucharow, an established law firm that has been working with SEC Whistleblower attorneys, is among few that have managed to assist clients until they receive compensation for exposing violations of securities laws. Their recent achievement includes a case where one of their clients earned over $17 million having exposed securities violations in the financial services industry.
This is viewed as a major step since the amount represents the second largest award issued by the SEC Whistleblower program since it was introduced in 2010. As part of their policies, the SEC could not reveal details about the specific actions the whistleblower reported about so as to keep his identity anonymous.
Jordan A. Thomas, a senior SEC Whistleblower attorney and the chair of the Whistleblower Representation Practice at Labaton Sucharow stated that the client blew the whistle and exposed the wrong doings that were prevalent in the financial services industry despite the fact many people kept quiet about the violations so they could protect the investors.
He explains that this is just a beginning and they are encouraging more people with information to join their team for assistance that could lead to determination that will see them walk away with awards from the SEC.
About the SEC Whistleblower Program
Started in 2010, the SEC Whistleblower program is working to eliminate securities violations in the business world. Before the introduction of the program, the reporting procedures available could not guarantee whistleblowers personal security and there were not enough channels to facilitate reporting about international cases. This led to the amendment of the Consumer Protection Act to include policies that were friendly to whistleblowers and effective to make it easy to process cases of securities violations.
To ensure the identity of whistleblowers is protected, the SEC Whistleblower program has the anonymous reporting option where a whistleblower may choose to present the information with their identity shielded from public domain. This provision has motivated many people to present their findings since there is no risk their identity could be revealed in the process.
Additionally, the SEC Whistleblower program introduced the international reporting capabilities that have extended to other jurisdictions across the world. According to the SEC, they received 11 percent of total cases in 2011 from other jurisdictions. This number has increased over the years and the system has continued to introduce more features that are friendly to the whistleblowers.