Second Largest SEC Whistleblower Award Granted to Labaton Sucharow Client

SEC, Security and Exchange Commission, recently awarded nearly $17 Million to a whistleblower who notified the financial regulation authority regarding illegal investment activities. Interestingly, the client was represented by the popular law firm, Labaton Sucharow LLP, which is known for its ground-breaking initiatives to protect the interest of whistleblowers. The case was handled by Jordan Thomas, who also oversaw numerous successful legal cases in the past. In fact, the reward is the second highest disbursement in the history of whistleblower program since the law was passed, six years earlier.

Experts agree that the success of the case is attributed to the professionalism of Jordan Thomas and his team. Jordan was also among the leading lawmakers who were instrumental in passing the whistleblowing law. Working for Sucharow LLP, his team also represented the first officer of a public company who received the compensation from the whistleblowing program. In fact, Mr. Thomas is also the first lawmaker who successfully charged an employer who retaliated against the whistleblower.

Actually, the whistleblower initiative is an effort of U.S. government to tackle growing irregularities in the financial workplace. To encourage individuals to expose corrupt practices in the financial industry, authorities offer a fixed compensation for the successful indictment in fraudulent cases. The whistleblower reward is between 10 percent and 30 percent of the final compensation received from the accused.

According to Labaton Sucharow LLP, the compensation was given for revealing the illegal practices of a major financial firm in the nation. In this particular case, the whistleblower elected to remain silent. The option to remain anonymous is a privilege of every whistlblower because the SEC does not want whistleblowers to feel insecure when coming forward. Mostly, the insecurity arises from a possible retaliation by the employer against the whistleblower.

Accordingly, Jordan A. Thomas insisted that the reward is ethical and just because his client came forward when others were not coming forward to protect investors from foul play of financial firms. He also reiterated his commitment to continue his work for the whistleblowers because he anticipates that many individuals will come forward in the coming years. It should be noted that Labaton Sucharow LLP is also the first firm in the nation, which caters exclusively to whistleblowers who want to reveal useful information without revealing their identity. In fact, the whistleblower program at the firm provides free consultation to anyone interested in protecting the interest of the society.

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