The Dodd-Frank Act is a comprehensive financial reform legislation signed into law by the Obama administration back in 2010 as a means to avert a financial crisis in the future. The act is named after its two sponsors: Christopher J. Dodd (the United States Senator) and Barney Frank (the U.S. Representative). The law outlines numerous provisions in approximately 2,300 pages, which are being enforced over a span of several years and are meant to minimize many risks in the financial system of the U.S.
Whistleblower program is among the many significant reforms of the Dodd-Frank Act. The program protects employees who agree to report instances of federal securities violations to the SEC and offers them financial incentives. Therefore, the whistleblower can continue to enjoy their employment rights even after reporting their unscrupulous employers.
A whistleblower must seek representation from a skilled SEC whistleblower attorney to ensure the process will run smoothly. Labaton Sucharow responded to the enforcement of the Dodd-Frank Act by forming a practice specifically for protecting and ensuring SEC whistleblowers are living a comfortable life. The Whistleblower Representation Practice was established on a solid basis of Labaton Sucharow’s innovative securities litigation platform. The practice relies on an experienced in-house team of forensic accountants, financial professionals, and leading investigators who have a perfect mastery of both the state and federal legislation to offer unrivaled representation for whistleblowers.
Jordan A. Thomas
Jordan A. Thomas is a U.S-based registered SEC whistleblower lawyer. He runs the day-to-day affairs of the Whistleblower Representation Practice. Jordan held various senior positions at the Securities and Exchange Commission (SEC) before retiring. For example, he was the chief litigation counsel tasked with the duty of managing SEC’s Division of Enforcement. He also held the title, Assistant Director. While serving as a senior employee of SEC, Jordan pioneered the formation of the sweeping Whistleblower program – developing the proposed law and rules to guide the implementation process.
Details on the Whistleblower Program
The rules of the program clearly indicate that the SEC must pay deserving whistleblowers between 10 to 30 percent of the monetary sanction amassed through SEC prosecution action or actions – the financial penalties must go above the $1 million mark. Once this threshold is met, whistleblowers are entitled to other extra monetary gains depending on monetary sanctions collected following SEC enforcement actions on other related claims filed by regulatory as well as law enforcement organizations. The rules state that employers should not retaliate in any particular way against whistleblowers who choose to report violations and misconducts to the SEC.