In the year 2010, Congress introduced the Dodd-Frank Wall Street Reform and Consumer Protection Act. One of the key highlights of the Act is the establishment of the whistle-blower program. The creation of the program was for the sole purpose of providing incentives and employment protection to people who report any violations of federal securities laws. The Securities Exchange Commission is the recipient of these reports.
The first ever law firm to incorporate this practice was Labaton Sucharow. The firm was at the forefront in protecting and representing Securities Exchange Commission whistleblowers. The firm through its Whistleblower Representation Practice provides what they call unparalleled representation for whistleblowers. The team at Labaton Sucharow is made up of forensic accountants, financial analysts and investigators who dedicate their time and effort in defending the whistleblowers and ensuring that their rights are protected. The former Assistant Director and Assistant Chief Litigation Council in the Division of Enforcement at the Securities Exchange Commission leads this practice. The method ensures the whistleblower protection from unlawful termination from employment.
Under the Act and rules, the Securities Exchange Commission is expected to pay any whistleblower about 10-30% of the total sanctions that they collect for any enforcement actions. The practice of representing whistleblowers has been on the rise, and many law firms are diversifying their services to provide this. Some of the top whistleblowers law firms in the United States are Phillip & Cohen Partners with their lead attorney being Erika A. Kelton. http://www.secwhistlebloweradvocate.com/program/program-overview
Other law firms are Bernstein Liebhard LLP, Zuckerman Law, Latham & Watkins LLP and Katz Marshall &Banks.
Whistleblowers attorneys have learned to create solid relationships with the Securities Exchange Commission to ensure institution of enforcement actions against violators of federal laws and rules. The whistleblower program also makes it possible for the awarding of additional awards to whistleblowers. Sanctions in the monetary form that may result from an enforcement action are the basis for these awards. Employers of any whistleblowers cannot take any actions against them. Anonymous reports of securities violation are also allowed under the law, and one can do this through an attorney.
Accountants and corporate lawyers are the typical whistleblowers since they are those usually exposed to vital information about companies and businesses.
Learn more about SEC Whistleblower lawyers