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.
Geoffrey Cone is a global attorney and expert when it comes to all things expat. He knows that it is important to live in an area that is both comfortable and sustainable. He works with people who want to move to different countries decide which one is the right choice for them. He works to make sure that he knows everything that there is to know about moving countries and the right (and wrong) reasons for doing so. He also makes sure that he has life experience that can help his clients have a better understanding of what it is like to move to a different country.
There is a list that is published each year with information on which countries don’t have any taxes. These are among the most popular countries for people to migrate to and they tend to be better options for people who want to move without having to pay outrageous taxes on the things that they should be able to do for free, like living and working. There are many countries on the list that are not actually tax-free but that have an extremely low tax rate that could actually be seen as nominal.
It is important to note that New Zealand has never made its appearance on any of these lists. Cone’s global expertise does not expect them to be on the list anytime soon, either. He knows New Zealand, that is where he was born at and move from, and he knows that the tax laws would never allow it to be one of the countries that are on the list. He lives in a different country now because it is tax-free and it is somewhere that he felt would help him more financially than New Zealand.
While the country has never been on the lists, hundreds of websites have published it as a country without taxes. They have done it so many times that people have actually started moving there in hopes of not having to pay taxes at all. This is a problem for the country and could cause the taxes to increase because there are so many people living there and it would be unsustainable to keep the tax rates at the same place that they have always been even when the population is much lower than what it currently is with all of the expats who live there.
The mix-up could have come as a result of a changed law in New Zealand. The law works to make the tax system more stable which, in turn, makes the economy more stable. This law is much different than having a complete lack of taxes in the country. It makes the country have a cap on the taxes and allows people to rest assured that their taxes will stay in the same bracket or only move slightly if they begin to make more money. It is a guarantee to the residents of the country who were fearful of extremely high taxes.
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