In 2010, there was a transformation of legislations that manage the United States’ finance industry. These changes were caused by the Congress when it passed the Consumer Security Act and the Wall Street Reforms of Dodd-Frank. The laws assisted the Securities and Exchange Commission in creating a whistleblower protection program, which safeguards the individuals who offer to provide valuable intelligence to the organization on any business that is not abiding by the federal and state securities laws. According to the plan’s regulations, the whistleblower is to be offered a financial incentive and a job guarantee as a reward for giving information to the SEC.
The informants are currently represented by attorneys and law firm that have specialized in offering SEC whistleblower representation services. The Labaton Sucharow is a company that was created in 2010, and it has been devoted to providing top-notch services to its clients. The firm had the first whistleblower representation practice in the industry, and it has advanced over time. It currently employs skilled personnel, and they include company detectives, financial auditors, and forensic specialists. All staff members of the organization are devoted to offering excellent legal solutions to the clients, and they understand how the state and federal securities laws are implemented.
Jordan A. Thomas who manages the whistleblower representation services of the Labaton Sucharow is a highly skilled and experienced individual on securities. He is a chief plaintiff representation attorney, and he formerly worked for the SEC as an assistant director. Mr. Thomas sat on the board that drafted and enacted the whistleblower protection program.
The SEC’s rule have offered to be giving 10 to 30 percent of the sanctions that it collects as a financial incentive of the whistleblower. It also assures the informants that their jobs will be secured after they offer intelligence. According to the Dodd-Frank Act, the employers are not allowed to bully or fire SEC whistleblowers.
The sources of the commission are authorized to use the representation of attorneys for them to hide their identities when providing information. The SEC offers translators in case the whistleblower does not understand English and it uses client-attorney privilege in protecting the information that it receives. The informants are advised to try and hide their identity by not revealing information such as their address and names. No consultation fee is charged by the commission, and this makes it easy for anyone to access the services of the organization.