After the housing crash of 2008, the federal government needed to enforce more regulations. After two years of debate, they finally passed the Dodd Frank act. The federal legislation acts as a consumer protection law. Its aim is to prevent more massive fraud like we saw during the subprime mortgage debacle.
Now you may have heard in the news what the Dodd Frank act is all about. During the Democratic primary debates, Sen. Bernie Sanders famously said that he would use the legislation to break up the big banks. But one of its key protections is not a regulation at all. It is the whistleblower protection provisions.
Which one of these is easier? Is it easier to send regulators into large financial institutions in order to comb-over records and interview personnel in order to ascertain whether there is fraud or corruption? Or is it easier for an employee of that institution to come forward once they discover fraud or unethical dealings? When somebody comes forward like this, they often have gathered evidence and understand the fraud intimately. These SEC whistleblowers are the country’s greatest defense from another financial meltdown.
And that is where key provisions of the Dodd Frank act come in. These provisions outlaw any retaliation against an SEC whistleblower. It gives the whistleblower a right to an SEC whistleblower attorney as well as incentive payments for any fines recouped by the government. A good SEC whistleblower lawyer can get you anywhere between 10% and 30% of the fines gathered by the government from your institution. This incentive is intended to mitigate any loss of employment by the whistleblower.
And if you are a whistleblower looking to come forward, it is in your best interest to hire an experienced lawyer. In fact, it is possible to stay anonymous through a qualified lawyer. This may even prevent you from losing your employment at the institution in which you are turning evidence against.
Labaton Sucharow is the oldest law firm in the country to specialize in the Dodd Frank protection provisions. And the law firm is run by Jordan A Thomas, a man made famous by implementing and developing the whistleblower program for the Dodd Frank act itself. In fact, he served as the Assistant Director and Assistant Chief Litigation Counsel in the Division of Enforcement at the Securities and Exchange Commission. He will use his intimate knowledge and staff of professionals to evaluate your case.