Labaton Sucharow is a law firm that has been highly recognized since it was established about 50 years ago. The company started offering its services to the informants of the SEC in 2010 after the Congress passed the Consumer Protection Program and the Dodd-Frank Act of Wall Street, which led to the formation of the whistleblower protection program. According to the plan’s laws, the informants of the SEC are entitled to job security and some money due to the information that they offer. A whistleblower who had hired the services of Labaton Sucharow law company was recently offered $17 million as a reward for volunteering to give useful information to the SEC. Only one person has ever received an amount that is higher than this since the whistleblower protection program, was created five years ago.
The whistleblower’s information was crucial to the SEC since it was used in uncovering several illegal undertakings that were being run by one of the principal companies in the finance industry. It is essential to hide the identity of the whistleblower from the public, and therefore, the SEC did not offer much information about the case. The informant was also represented by the Labaton Sucharow, and therefore, people did not know him. Identities are concealed to prevent the source from being blacklisted by the employers.
Jordan A. Thomas who is the former deputy director of the SEC and the currently head of the Labaton Sucharow believes that it was wise for the informant to offer information to the commission. He has been assisting the company in providing excellent services to its clients by using his adequate knowledge in securities. Jordan was one of the founders of the whistleblower protection program.
Approximately a third of the money that the SEC collects as sanctions should be rewarded to the whistleblower for giving helpful information. The laws also ensure that they have job security, and according to the Dodd-Frank Act, employees are prohibited from trying to revenge to them. Many efforts have been made to ensure that the informants are free to provide intelligence to the SEC. This includes creating the Investor Protection Fund, which currently holds about $400 million that are dedicated to rewarding the informants in time. The commission also guarantees that the attorney-client privilege is used to protect the information that they offer. The whistleblowers are not required to pay any fees when they consult the commission. Non-English-speaking individuals can also report cases since the SEC currently gives free translators.