Labaton Sucharow’s Client Receives the Second Biggest SEC Whistleblower Reward

Labaton Sucharow LLP, known for creating the first practice in the U.S committed to providing unmatched representation to SEC whistleblower, has confirmed that the SEC awarded over $17 million to a whistleblower represented by the company for reporting significant misconducts in the financial service sector. The award is the second biggest issued by the SEC Whistleblower Program since its establishment six years ago. Labaton Sucharow’s whistleblower offered accurate information that resulted in monetary sanctions against a key service provider in the financial market. The whistleblower decided to stay anonymous to avert issues of blacklisting and retaliation. The SEC never discloses certain cases in which whistleblowers plays instrumental roles, to avoid revealing the identity of the individual indirectly.

According to Jordan A. Thomas, a leading SEC whistleblower lawyer and the manager of Whistleblower Representation Practice, his client had the courage to report the misconduct in the financial sector when others decided to remain silent. He believes that in future, more whistleblowers will be willing to report violations, allowing the SEC to prosecute the wrongdoers and police the financial service industry. Mr. Thomas offered representation to the first public company’s officer who received a whistleblower award. Additionally, he handled the first case, which saw the SEC successfully take legal action against an employer for mistreating a whistleblower.

SEC Whistleblower Program

The Whistleblower Program offers monetary awards to individuals who help the SEC to enforce securities Laws in the United States. Developed by Dodd-Frank, the program provides incentives to people who file reports concerning misconducts and violations of security laws that control a broad range of undertakings in the financial markets as well as activities of U.S. firms doing business overseas. In enforcement actions generating over $1 million in monetary sanctions, the whistleblowers should get 10 to 30 percent of the total amount the SEC manages to recover from the offenders using the whistleblower’s information.

Labaton Sucharow LLP

For over five decades, Labaton Sucharow has been among the leading firms in the U.S. offering unequaled representation to businesses, consumers, and corporate investors when it comes to business litigation and complex securities. The firm has a Whistleblower Representation Practice comprised of an in-house team of forensic accountants, financial experts, and investigators who have in-depth knowledge in both state and federal law execution. Labaton Sucharow analyses the needs of each client and connects him or her with a competent SEC Whistleblower attorney. The firm has received high rankings in several magazines and journals such as the Hot List, The Legal 500, and he Benchmark Litigation.

Leave a Reply

Your email address will not be published. Required fields are marked *