Lebaton Sucharow is one of the leading firms that offer legal representation service to the whistleblowers of the SEC. The company started the whistleblower representation practice after the implementation of the Dodd-Frank Act of Wall Street and the Consumer Protection Program. It was a frontrunner in the sector and has been offering top-notch services to its clients. One of the customers who is represented by the law company won a case and was given a $17 million reward. This was the second highest prize that the SEC has ever offered to its whistleblower since the formations of the protection program about five years ago.
The intelligence that the informant provided was crucial in assisting the SEC to apprehend one of the top players in the securities sector. The whistleblower kept his identity a secret by hiring an attorney to represent him at the SEC. The commission also withheld most of the information about the case to avoid revealing the identity of the whistleblower since it may lead to employer blacklisting and harassment.
Labaton Sucharow’s whistleblower representation practice is managed by Jordan A. Thomas. He is an experienced professional in dealing with securities since he has worked with the SEC. He is the former deputy director and the assistant principal litigation counsel of the commissions’ Department of Enactment. He is highly acknowledged for the role that he played in the creation of the SEC whistleblower program while he was an employee of the commission.
The protection program states that the informant should be rewarded at least 10 to 30 percent of what the Securities and Exchange Commission collects as fines due to the information that was provided. The whistleblower can also be given an additional reward in case other law enforcement institutions use the information to impose sanctions on the offender. Apart from the monetary compensation, the Dodd-Frank Act also indicates that employers are not allowed to harass the whistleblower in any way.
The SEC is encouraging company employees and the public as a whole to offer intelligence about any organization that is participating in fraudulent activities in the financial sector. This motivation is through the nature of protection that it provides to the informants. The United States Congress has also played a significant role in ensuring that the whistleblower protection program is well implemented and this is by creating the Investor Protection Fund, which is often replenished. It currently has $400 million.