The United States Congress changed the rules that manage the finance industry in 2010 by passing two major laws, which are the Wall Street Reform of Doff-Frank and the Consumer Protection Act. The amendments that were made by the two legislations were the only ones that had ever occurred since the enactment of the Great Depression. The Dodd-Frank Act enabled the Securities and Exchange Commission to create whistleblower protection program, which offers security to the people who provide useful intelligence on businesses that do not operate by the state and federal securities laws. The regulations of the plan indicate that the informants should be offered a financial incentive and also assured of job security.
Various law companies in the U.S have divisions that dedicated to providing legal services to the SEC whistleblowers. Labaton Sucharow spearheaded the provision of the services by forming the first whistleblower representation practice. The firm’s program for filling litigations is outstanding, and this has been important in offering top notch services to the clients. Labaton Sucharow is recognized for providing the best plaintiff representation for the past 50 years. The firm has hired highly trained professionals, and they include private detectives, experts in finance, and forensic examiners. Jordan A. Thomas, who is a partner of the company, heads its representation practice. He is a top SEC whistleblower attorney who is experienced in dealing with securities. Mr. Thomas formerly worked for the commission, and he participated in the formation of the whistleblower protection program.
The security package that is provided to the informant by the protection plan consists of job assurance and financial motivation. The SEC offers its witnesses approximately 10 to 30 percent of the money that it receives as fines from the law breakers. The rules also ensure that their jobs are secure. The Dodd-Frank Act has prohibited companies from harassing employees who offer intelligence to the SEC.
The Commission has been keen on the safety of the whistleblowers, and therefore, it advises them to avoid giving their personal information when consulting. Informants can be represented by a SEC whistleblower lawyer in situations where they would like to hide the identity. People do not pay any fee to seek for guidance from the organization. Translators are also offered in cases where the witness does not speak English. All the intelligence that is provided to the SEC is protected by the attorney-client privilege.