If we had a whistleblower inside of these banks, this might have been the averted. A whistleblower is an employee with inside information about criminal activity inside of our largest financial institutions. These employees have inside information because they work inside the financial industry and understand the workings of these institutions. They are the best people to come forward with evidence of criminal activity. Regulators are limited in their capacity to understand criminal activity in the increasingly complex financial world.
That is why it is so important that the Dodd Frank act of 2010 included provisions to protect SEC whistleblowers. These provisions not only make it illegal for the largest public financial institutions to retaliate against employees who turn evidence against them, it also financially incentivizes their whistleblowing activities. Any SEC whistleblower that comes forward under the rules of the Dodd Frank act is entitled to up to 30% of the fines collected by the government as a result of evidence collected. And these fines often extend into the hundreds of millions of dollars.
That is why it is no shock that Labaton Sucharow LLP recently announced that it had secured a $17 million payout for an anonymous whistleblower. This law firm has than on the cutting edge of SEC whistleblower protection and advocation. In fact, it was the first law firm to set up a specialized wing dealing with whistleblower activities. And the law firm went all out to staff itself with the best lawyers.
Jordan A Thomas heads the whistleblower protection program at Labaton Sucharow LLP. He maintains a staff of experienced professionals that are capable of defending and advocating for any SEC whistleblower that comes forward under the rules of the Dodd Frank act. In fact, Mr. Thomas was one of the architects of the whistleblower protections installed into the law. He could be the world’s foremost authority on protections given to whistleblowers under the consumer protection act known as Dodd Frank.