The Whistleblower Program Is Making Strides To Combat Illegal Activities
In recent news, the Securities and Exchange Commission has announced that it has awarded over seventeen million to a whistleblower. This whistleblower was responsible for uncovering fraud and illegal activities in the finance industry. This monetary award is the most that have been given from the SEC Whistleblower Program. The program has been around for a few years now and has done a great deal to motivate people to expose wrongdoing in the financial sector. The way the program works is that the whistleblower is awarded a certain percentage of the recovered money from the illegal activity.
The company that that was under the microscope was not named. One of their clients was responsible for exposing the illegal activities in question. No further details were available regarding the case because the SEC does not reveal details of the cases where whistleblowers are involved in protecting their identities. A SEC whistleblower attorney named Jordan A. Thomas said that the whistleblower in question was bold enough to step up when many others stood by and allowed the activity to occur. The attorney was given a whistleblower award and is known to have won the first case in which an employer chose to retaliate against a whistlblower. The SEC whistleblower lawyer feels that now many more individuals will find the courage to step up and stop the illegal activities that harm investors. The source of the funds that are available for the Whistleblower Program comes from the Investor Protection Fund which is currently at a balance of over $400 million dollars.
The law firm that represented the whistleblower was Labaton Sucharow LLP and is quite prestigious and has been for over fifty years. They have represented investors and businesses that are involved in complicated legal procedures. In fact, they were one of the first firms to offer protection to whistleblowers that reported illegal activities to the SEC. They were pleased with the award and plan on representing even more clients that are willing to step up to do what is right. The company is willing to do whatever it takes to expose corruption in the financial sector and to represent those that take a stand against those types of occurrence.