A client represented by Labaton Sucharow recently became a millionaire because he was brave enough to expose a wrongdoing in the financial sector. The client was apparently awarded $17 million dollars by SEC from sanctions collected from the offenders. This is the second largest award to be given to a whistleblower since the program started six years ago.
According to Labaton Sucharow CEO Jordan Thomas, the client came to them with a lot of courage determined to expose the bad things he had witnessed in the financial service sector. He lauded the client and encouraged others who are afraid to expose suspicious activities in various financial fields to report and bring back sanity in the industry. He added that the client was represented anonymously to avoid any attempt by the offenders to interfere with the case.
SEC Whistleblower program was started in 2010 after it was enacted into law by the Congress. The program was part of a broader legislation that was tabled in the Congress by legislators to regulate the country’s financial sector. It has provisions that allow people who suspect inappropriate activities in the business sector to report to the SEC without fear. The program offers protection to those who want to report wrongdoings from retaliatory attempts by the companies affected. The individuals are allowed to report without revealing their identification to the public for their own safety. SEC does not reveal specific scenarios where the whistleblower played a role in giving more information to prevent interference.
Many law firms have warmed up to the program since it started. They have realized the huge potential the program has given that most people have begun to come out of their shells to report cases that violate SEC regulations. Most firms project a double increase in the number of clients after the recent award. One of the firms that have largely tapped in SEC Whistleblower program’s potential is Lubaton Sucharow. Led by its CEO Jordan Thomas, the company has established a parallel department that exclusively handles SEC Whistleblower cases. The recent award of more than $17 million to one of its clients will remain in the company’s history as one of the biggest achievements.
Other law firms have begun to follow suit, and soon SEC Whistleblower will become a big goldmine for lawyers. The meteoric rise will come as a result of people’s desire to bring back good business practice in the country.