The rules that govern the financial sector of the United States were transformed in 2010 when the Congress approved two significant laws, which are the Wall Street Reforms of Dodd-Frank and the Consumer Security Act. The changes that were made were the first since the occurrence of the Great Depression. The Doff-Frank Act is significant due to its influence in the formation of the whistleblower protection program. The program serves the role of protecting people who offer to inform the Securities and Exchange Commission (SEC) on any company that operates against the law that controls securities. According to the law, the whistleblower is offed a monetary reward and protection for his or her job.
Since the passing of the two laws, there have been many law firms that have been created with a primary focus on offering legal representation to the SEC whistleblowers. One of these companies is the Labaton Sucharow, which was the first to be created. It has currently established a well-organized structure that is used for filling lawsuits, highly skilled investigators who operate by Whistleblower Representation Practice, forensic analysts who have sufficient information on the implementation of both federal and state laws, and financial analysts. The experts at the firm are all dedicated to making sure that customers get a legal representation that is unmatchable. The operations of the company are under the supervision of Jordan A. Thomas, who is a former assistant director of the SEC and its deputy chief litigation counsel for the enforcement division. The SEC recognizes him for the significant role that he played in the creation of the whistleblower program and its implementation.
The whistleblower protection program demands that the SEC should reward the informant with 10-30 percent of penalties that they collect from offenders due to information that was provided by a whistleblower. The sanctions have a threshold of one million dollars however if the money exceeds because of actions of other agencies that enforce the law, the whistleblower is entitled to more money. The Dodd-Frank Act offers protection to the informant by making it illegal for any employer to try and revenge to an employee for providing useful information to the SEC.
Whistleblowers are advised to give information anonymously by using the representation of attorneys. They are also not required to offer their personal data such as names and addresses. The commission does not charge any fees when individuals go to consult for the first to time. Client attorney privilege protects the information that they provide.