The 2008 economic slowdown in the U.S. prompted calls in the U.s. for a change to be made in how the financial markets are regulated and operate, one of these changes was the introduction of the SEC whistleblower program created through the Dodd-Frank Act. In response to the new measures introduced to encourage whistleblowers to bring evidence to the SEC representing financial wrongdoing the Labaton Sucharow law firm, which has been operating for over 50 years, became the first legal group to establish a dedicated team of investigators and financial experts to represent whistleblowers bringing their evidence to the SEC.
The head of the Labaton Sucharow whistleblower team is Jordan A. Thomas, who helped write the Dodd-Frank Act introducing new measures to both reward and protect whistleblowers; the legal framework created for the SEC whistleblower program includes financial rewards provided for an individual whistleblower when their evidence leads to fines of over $1 million. These financial rewards backed by the U.S. Congress have recently resulted in a single whistleblower represented by the Labaton Sucharow team receiving $17 million, paid from a fund established by Congress in a bid to maintain the anonymity of each whistleblower.
The opportunity to remain anonymous during the whistleblower process is given to all individuals entering the program, this is important as Jordan Thomas has personally been involved in cases where whistleblowers have been identified and victimized by employers. The potential blacklisting of whistleblowers by members of the financial industry can be of major importance in a whistleblower deciding whether to bring their evidence to the SEC or not; the introduction of financial rewards and greater levels of secrecy is something Jordan Thomas has praised as bringing more whistleblowers to the fore, which in turn will breed a better regulated financial community in the U.S.
Jordan Thomas has a long history of protecting the rights of the individual investor against the might of larger financial companies; in fact, the cases he has brought on behalf of investors has resulted in financial relief of over $35 billion. One of the main areas the team at Labaton Sucharow assist whistleblowers is in investigating their case before bringing it to the Securities and Exchange Commission. The complex rules and regulations created for the financial industry can often leave an individual unsure of whether financial wrongdoing has taken place, a problem experienced financial attorneys and investigators can assist with.