In 2010, whistleblowers from all over broke their silence, when they reported that there was a wide variety of security violations that were significant to the SEC. This came after the Dodd-Frank Wall Street Reform and Consumer Protection Act had been enacted by congress, this was followed by the most sweeping overhaul within the U.S. financial regulation, having an impact that had not occurred since the Great Depression. Among important reforms that were done, the Dodd-Frank Act had established a new program for whistleblower’s that helped in providing significant financial incentives and employment protection to individuals who reported the possible violations for federal security laws through the Securities and Exchange Commission’s. Labaton Sucharow, in a response to the historic legislation, was the first law firm within the country that would establish the practice that focused exclusively on advocating for and protecting SEC whistleblowers. In accordance with building the firm’s market-leading securities litigation platform, the whistleblower representation practice leveraged on a world-class in-house team made up of financial analysts, investigators, and forensic accountants in state and federal law enforcement experience that would provide an unparalleled representation to whistleblowers. Jordan A. Thomas led this practice, Thomas was a former Assistant Chief Litigation Counsel and the Assistant Director for the Division of Enforcement for the SEC. While at SEC, Jordan also had a leadership role within the development for the Whistleblower Program, his role included final implementing rules and drafting of the proposed legislation.
Under the rules of the Whistleblower Program, SEC was required to pay 10-30% of monetary sanctions to eligible whistleblowers that was collects in result of successful enforcement actions for SEC, or actions that the sanctions that exceeded one million dollars. If the threshold was met, the whistleblowers could also be eligible to receive additional awards that were based on monetary sanctions that were collected through related actions that were brought by other regulatory, as well as law enforcement organizations. With the Dodd-Frank Act set in place, it prohibited the retaliation of employers against the whistleblowers, who would report to SEC as pursuant to program rules. Along with this, whistleblowers can also report any possible securities violations that may have anonymously been represented by attorney’s. For more information on the SEC Whistleblower Program, or for requesting a case evaluation, the Whistleblower Representation Team may be contacted in several ways, some ways include by email, telephone or electronic submission through secwhistlebloweradvocate.com.