Back in 2010, the Consumer Protection Act was enacted by Congress, allowing whistleblowers safe harbor to report wrongdoings without fear of losing their jobs. Now these folks has significant financial incentives as well as employment protection in order to report any violations of federal law to the SEC, Securities and Exchange Commission.
Labaton Sucharow was one of the very first law firms to commit unlimited resources to their newly developed Whistleblower Representation Practice. They made use of forensic accountants, financial analysts, and world-class investigators, to provide significant professional representation to those who wanted to blow the whistle on illegal activities in the workplace. Once workers became aware of the benefits to bringing these people under suspicion of fraud into the light, this law firm saw a surge in new clients.
According to the rules of the whistleblower program, the Securities and Exchange Commission must pay all eligible whistleblowers from10-30% of the monetary that is collected as a result of the successful enforcement actions that exceed $1 million. In the past many of these people simply lived in feat of losing their jobs because employers or employees would make it clear that any mention of the so-called wrongdoings would be met with swift termination.
Once the monetary threshold is met, any and all potential whistleblowers could also be eligible for financial awards that are then based upon the sanctions that are collected in other related actions that are brought by law enforcement or other regulatory organizations. One of the reasons that the Dodd-Frank Act allowed these workers to come forward, it strictly prohibited any retaliation action by employers against these whistleblowers who made the effort to report to theses crimes to the SEC pursuant to any program rules.
What turned things around for employees who were forced to live in the shadows of fear and for employers who felt they could never be prosecuted for their crimes was the fact that now the whistleblowers were able to report any possible securities violations completely anonymously if they were represented by a lawyer.
Those who suspect these types of crimes in the workplace or who have been told their jobs were at risk if they reported such activities are now free to learn more about the SEC Whistleblower Program or reach out to a lawyer for a free case evaluation. Confidentiality is assured, and during any consultation, reporting any individuals by name as potential security violators will remain anonymous.