Led by the well-known SEC whistleblower attorney Jordan Thomas, team obtains a significant money award for their client who reported a high-profile case wrongdoing
Labaton Sucharow, LLP., that was founded as the first practice in the nation dedicated to the representation of Securities and Exchange Commission (SEC) whistleblowers, is happy to announce that SEC was awarded more than $17 million to a whistleblower that was represented by the firm for the exposure of the significant wrongdoings in the financial service industry.
Labaton Sucharow’s whistleblower customer provided first-class information that has led to the sanctions against the major player in the market of finance. In this single case, like many others, the whistleblower is always kept anonymous to avoid blacklisting and retaliation. SEC never discloses specific cases where its whistleblowers have played a role in preventing the revelation of the identity of the whistleblower.
“My client as blown the whistle when others in his caliber chose to go silent in the financial services market and allow themselves to retain harm,” said Jordan A. Thomas, SEC whistleblower lawyer, and Labaton Sucharow’s Representation Practice chairperson. “In the years to come, I predict that numerous whistles will be blown and most of the significant cases will be as a result of courage. This is the beginning.”
Mr. Thomas has also represented the first public company officer to receive an award in whistleblowing, and in another occasion, worked on the initial case in which SEC charged an employer trying to retaliate against a whistleblower.
Due to the unique incentives and protection offered by the SEC Whistleblower Program, Eligible whistleblowers – including the case presented by Labaton Sucharow- have the ability to report possible violations of federal securities with employment protection anonymously and the opportunity to receive an award in monetary value. In ensuring enough funds are in place for the award, Congress established an Investor Protection Fund, whose current balance exceeds $400 million.
If the threshold is met, all whistleblowers will be eligible for more awards on top of their award upon the collected monetary penalty in the actions brought by other law enforcement and regulatory organizations. The Dodd-frank act prohibits the retaliation from employers against any whistleblower.