The Labaton Sucharow law firm created a unit that offers whistleblower representation practice in 2010 and ever since it has been providing legal representation to citizens and foreigners who give information to the Securities and Exchange Commission. This establishment influenced by the creation of the whistleblower protection program that safeguards the informants and offers them a reward for their information. A whistleblower who was represented by the Labaton Sucharow law company was recently given $17 million by the SEC as an incentive of for the useful information that he had offered. This was one of the largest prizes that the commission has ever paid to an informant. According to the whistleblower protection program, 10 to 30 percent of the penalty that the SEC collects is given to the source as an incentive.
The whistleblower’s information greatly assisted the Securities and Exchange Commission in knowing the various fraudulent businesses that were being conducted by one of the top corporations in the sector. The whistleblower protected his identity by using the representation of a Labaton Sucharow attorney. The SEC did not give detailed information about the litigation since it may help the offenders in identifying the whistleblower. The whistleblower representation of the company is led by Mr. Jordan A. Thomas, who is also a senior attorney at the firm. He is highly knowledgeable about federal securities laws since he has held senior positions at the SEC. When he was employed by the commission, he was a major participant in the drafting and enacting of the whistleblower protection laws. Mr. Thomas offered legal representation to the first public company staff to be rewarded by the SEC.
The Securities and Exchange Commission’s program has encouraged the public to provide useful intelligence. They are driven by the lucrative financial reward that is offered and the assurance of having a job after providing the information. The enforcement of the law is supported by the Congress, which created the Investor Protection Fund to ensure that the informants receive their rewards in time. A deposit of $400 million has been saved in the fund account for whistleblower compensation.
Labato Sucharow law company was established about 50 years ago. The firm initially offered legal service to organizational investors, enterprises, and consumers who were caught in securities related litigations. The company was a pioneer in the provision of whistleblower representation services, and it is recognized for offering the best lawyers for complainants.