A SEC whistleblower represented by Labaton Sucharow, a New York law firm specializing in representing Securities and Exchange Commission (SEC) whistleblowers, was recently awarded $17 million, the second largest settlement ever awarded to a person reporting SEC violations. The largest award was handed down in September 2014 for a reported $30 million. Read more: http://www.prnewswire.com/news-releases/second-largest-sec-whistleblower-award-granted-to-labaton-sucharow-client-300282555.html
The lead attorney in the case, Jordan Thomas, and his team at Labaton Sucharow successfully secured the monies for an anonymous client that provided valuable information regarding serious violations at a major financial institute.
“My client blew the whistle when others in the financial services industry were content to remain silent and allow investors to be harmed,” said Thomas, who is a leading SEC whistleblower attorney and Chair of Labaton Sucharow’s Whistleblower Representation Practice.
Congress implemented the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 to assist and protect people who report SEC violations in the financial services industry. The SEC Whistleblower Program, which is nearing its 6th year, monetarily rewards clients with 10 to 30 percent of the monies garnered through successful monetary penalties over $1 million.
The SEC’s Whistleblower Program is funded with monies collected from financial institutes that have violated SEC regulations and not from money taken from wronged investors. The SEC believes that the practice of offering incentives to anyone with valuable information regarding securities fraud is beneficial for the whistleblower as well as investors.
As a Whistleblower Representation Practice, the Labaton Sucharow litigation program protects SEC whistleblowers’ identities to guard against possible retaliation. The SEC allows anyone to report federal securities violations anonymously and if the client chooses to make their identity known, the SEC Whistleblower Program assures representation against reprisals, blacklisting, and loss of employment.
Labaton Sucharow has advocated and protected SEC whistleblowers for more than 50 years with the use of internal financial analysts, forensic accountants, and investigators familiar with state and federal law enforcement practices.
As the SEC whistleblower lawyer that represented the first plaintiff to receive a whistleblower award, Jordan Thomas believes that the courage exhibited by whistleblowers protects the public. “In the coming years, I predict that many of the SEC’s largest and most significant cases will be the result of courageous whistleblowers. This is just the beginning,” he says.