The Securities and Exchange Commission (SEC) has praised the efforts of a keen informer in the financial services industry. The informant received more than $17 million from the SEC as a token for his efforts. The individual has provided crucial evidence regarding financial malpractices taking place within the industry.
The task-force aims at awarding informants 30 percent of total financial transactions obtained within a particular period. The new reward is the second largest in the workforce six-year experience.
Labaton Sucharow is pleased to know their client identified such wrongdoings in the financial. More importantly, the informant gathered irrefutable evidence that sheds light on illegal financial dealings of an influential personality in the sector. The source wishes to remain anonymous in fear of blacklisting and retaliation by implicated individuals. Moreover, the Commission prefers not to divulge high profile cases in which witnesses provided vital evidence.
Jordan Thomas, a SEC whistleblower lawyer, praised the client for stepping up and identifying unscrupulous characters, at a time when most employees preferred to turn a blind eye to the situation.
Mr. Thomas is also a beneficiary of the program after successfully charging an employer for retaliation against a mole. His efforts to protecting moles earned him an award as the first officer of a public institution. To sustain rewards and constant flow of information, Congress has set up an Investor Protection Fund with an excess of 400 million. Clients are encouraged to monitor and anonymously report security violations in the industry. By doing so, investors are assured of justified monetary use for development activities.
Background of Labaton Sucharow LLP
The firm is a top provider of law services to consumers, institutional investors and different types of businesses. Having garnered a fifty-year experience, the company has made significant strides in advocating for whistleblowing on financial violations to the Securities and Exchange Commission. Furthermore, they possess a witness protection program in conjunction with the State Department to safeguard the identities of moles. The company has an in-house team of forensic accountants, investigators and analysts to provide the best legal representation for informants.
Congress enacted the Dodd-Frank Act in 2010 to provide incentives and protection to persons to inform on violation of securities laws to the SEC. Under the Act, moles are eligible for 10-30 % payment per case filed. In addition, they are protected from harassment and discrimination of any form. Labaton Sucharow was the first firm to assemble a team to advocate and protect the rights of informers. Led by Jordan A. Thomas, a SEC whistleblower attorney, the firm has played a vital role in the creation of legislation and implementation of laws.