Securities laws have changed over the years with better policies coming to help whistleblowers in their pursuit of cases of violation. Through the SEC Whistleblower Program that was established in 2010, whistleblowers are able to share vital facts about violations in different industries. There is an awesome reward system that came with the program that is meant to motivate whistleblowers further and this is part of the reasons many people have come out to share the facts they have about violations.
The SEC Whistleblower Program issued a reward recently that represents a key payout of more than $17 million. This is the second biggest reward ever issued by the body and was a success for Labaton Sucharow because it was won by their client. Since 2010 when the SEC Whistleblower Program was established, Labaton Sucharow has been working with whistleblowers to help them in presenting information before the SEC.
Through careful review and verification, Labaton Sucharow is able to tell what can pass before the SEC for a reward and this has allowed many of their clients to win high payouts after exposing violations. The law firm was the first in the country to embrace the fight against securities violations and has succeeded on many occasions.
According to the SEC, the whistleblower had shared high quality information that convinced them to offer the high payout. The details shared exposed violations that have been happening in the financial services industry involving highly influential individuals. Jonathan Thomas, a Labaton Sucharow attorney, described the case as a show of bravery and dedication in exposing the wrong doings in the financial services industry. Many people who had the information feared reporting to the SEC due to the individuals involved, but the Labaton Sucharow client proceeded undeterred and reported.
More about the SEC Whistleblower
Founded in 2010 as a result of an amendment to the Consumer Protection Act, SEC Whistleblower Program brought light into the services industry. It is ensuring that all cases of violations reported are handled within the shortest time possible and whistleblowers are rewarded accordingly for their effort.
Since the body was founded, it has managed to offer rewards amounting to more than $400 million. The anonymous reporting capabilities and the protections that whistleblowers enjoy under the new regulations are part of the reasons many people have come out with facts to report violations in different industries. Whistleblowers can also utilize the international reporting capabilities that allow them to share information from overseas locations.