The SEC Whistleblower program, which was put in place in 2010 following an amendment that was done to the Dodd-Frank Consumer Protection Act, has come a long way to advance the fight against securities violations. The program has sought to offer rewards to whistleblowers who share vital information about cases of violation of federal laws that should be reported to the body. Many individuals have received rewards and those caught in wrong side of the law issued with sanctions for violating securities regulations.
Labaton Sucharow is the first law firm in the U.S. that dedicated a wing to the pursuit of cases presented by whistleblowers. The firm has been working with whistleblowers from across the country by supporting them to present their submissions to the SEC. Labaton Sucharow reviews the materials provided by the whistleblowers then issues advise that assists them while presenting the case before the SEC. Many individuals who have worked with Labaton Sucharow have increased their chances of getting rewarded by the SEC.
Recently, Labaton Sucharow entered into a mood of celebration after the SEC announced the issuance of an award amounting to slightly over $17 million. This award was paid to a whistleblower who worked as a client to Labaton Sucharow. The individual had vital information about the wrong doings that are perpetrated in the financial services industry. Learn more: http://www.prnewswire.com/news-releases/second-largest-sec-whistleblower-award-granted-to-labaton-sucharow-client-300282555.html
Although the case involved influential individuals, it proved the whistleblower was courageous enough to pursue the risk in a bid to sanitize the industry. Many other people who held the information could not match forward to report the violations but the Labaton Sucharow client came out to stop the evils. This is the second biggest payout reported by the SEC and it gives hope that more people will come out with vital details about violations that occur in different industries.
About the SEC Whistleblower Program
The Securities Exchange Commission (SEC) is a body that operates under the watch of the federal government and its primary objective is to oversee industries to ensure no violation of the Consumer Protection Act occurs. In 2010, SEC formed the SEC Whistleblower Program, which is a stronger force that would help to easily pursue cases of securities violations.
The program offers rewards amounting to between 10 and 30 percent of the sanction collected from the perpetrator. With more reporting capabilities and protection, whistleblowers are able to share information without fearing and with no interruptions from individuals perpetrating the ills so pursued.