The United States’ financial laws were changed by the Congress in 2010 by the approval of the Consumer Security Act and the Wall Street Reforms of Dodd-Frank. These modifications were the first since the occurrence of the Great Depression. The Dodd-Frank Act assisted the Securities and Exchange Commission to form a plan that protects its informants, and it is known as the SEC whistleblower protection program. SEC’s plan has various regulations that safeguard the rights of any citizen or foreigner who volunteers to inform the Commission on companies that do not follow the states and federal securities laws. It offers job security to the whistleblowers and a significant financial incentive that encourages other members of the public to provide any useful information.
Several law companies in that are based in the U.S have created units that are dedicated to protecting the rights of the SEC whistleblowers while other have been formed to offer representation to the informants solely. Labaton Sucharow law firm was established about 50 years ago, and it was the first to start offering legal services to whistleblowers across the country. It has an unparalleled whistleblower representation practice and an excellent plan that they use in filling litigations for the plaintiffs. The staff of the company comprises of highly trained investigators, financial predictors, and forensic auditors who are knowledgeable on the implementation of securities laws. The leader of the Labaton Sucharow’s whistleblower representation practice, Jordan A. Thomas, has sufficient information on the securities laws. He formerly held senior positions at the SEC, and they are assistant director of the commission as well as the deputy chief litigation officer of the organization’s enforcement branch. Mr. Jordan took part in the formation of the whistleblower protection program during his tenure in office.
The rules that secure the SEC whistleblowers demand that the commission should offer at least a third of the sanctions that it collect from fraudulent companies to the informant who provided the intelligence that facilitated the process. The organization has set the threshold of the amount that should be offered at one million dollars, however, other law enforcement institutions can also give a reward to the whistleblower if they use the information that he or she gave. The laws also protect the whistleblower’s job by banning employers from harassing or firing them. Informants who would like to hide their identity can use attorneys as their representatives to the SEC.