Since the precipitation of the Great Recession that began in 2008, a number of laws have been passed to prevent financial collapse and restore accountability in major financial corporations. One of the major laws passed has been the Dodd-Frank Wall Street Reform and Consumer Protection Act which went into effect in 2010.
One of the hallmarks of the Dodd-Frank Wall Street Reform and Consumer Protection Act is the creation of a major whistleblower program. One key point of the whistleblower program under Dodd-Frank is that whistleblowers from across the financial sector are given protection under the law. Another key point is that whistleblowers are given great incentive to step forward and report violations that they have witnessed or believe to be occurring.
The whistleblower program of Dodd-Frank protects whistleblowers from retaliation by employers. This can include counter lawsuits, allegations of breaching company policy, termination of employment and general harassment. Furthermore whistleblowers can report allegations of violating the law anonymously. This gives whistleblowers an added degree of safety and security to come forward. They can reveal violations without exposing their own identities.
If the Securities and Exchange Commission of the federal government finds a company guilty, the whistleblower will get a percentage of the settlement amount if he or she gave information that led to prosecution. The amount ranges from 10-30% of the fines paid by the company to the SEC. Additionally, if a company reaches a settlement greater than $1 million dollars with the SEC, whistleblowers qualify for additional award money if the companies settle with other government enforcement organizations.
The creation of this new whistleblower program has created a need for law firms that will represent and fight on the behalf of whistleblowers who wish to expose corrupt practices in finance. The law firm of Labatan Sucharow is a pioneer in setting up special litigation units that deal exclusively with whistleblowers. Labatan Sucharow’s whistleblower division is led by a past senior enforcement official at the Securities and Exchange Commission.
An entire team of investigators which includes accountants and financial analysts that can dig through records and statements will fight on the behalf of the whistleblower’s case against possible violators. Labatan Sucharow also represents whistleblowers from abroad and offers translation services. Employees of multinational firms or those working abroad should not be afraid to speak out and report misconduct to the SEC in the USA. Labatan Sucharow offers a free consultation and reports of violation can be made without revealing the company who is the violator or the whistleblower identity. Learn more: http://www.secwhistlebloweradvocate.com/