A Labaton Sucharow client was recently given seventeen million dollars, which was awarded as a result of blowing the whistle on corruption. The whistleblower, who was represented in court by Jordan A. Thomas, who is an SEC whistleblower lawyer and Chair of the firm, has become the recipient of the second largest payout to date. The protection act for whistleblowers was enacted in the year 2010, so it has been relatively new, but there are larger and larger paydays that are being reported. This likely stems from the fact that more and more people are seeing that whistleblowers not only have quite a bit of protection from prosecution and harassment, but they are getting awarded hefty amounts of money. While some people may see these types of results and assume that they are likely going to get a big payday by exposing some type of corruption, anyone that wants to come forward needs to get themselves an SEC whistleblower attorney. One of the biggest reasons why this is a must is the fact that these types of cases are fairly new, in terms of court cases that unfold with the current Dodd-Frank Act in place. Law firms have started to concentrate solely on these cases, so if you do decide that you want to come forward, it would be wise to work with one of these law firms.
When it comes to the actual seventeen million dollars that was paid out to Jordan A. Thomas’s client, the money actually comes down to a fraction of the sanctions that were levied against the business that was exposed. When a whistleblower comes forward and corruption, fraud, or some other illegal activity is exposed, a court is going to end up levying sanctions against that business. At the same time, the Dodd-Frank Act has allowed for ten to thirty percent of the total sanctions that are imposed to be paid directly to the whistleblower. The basis of this is the fact that the Securities Exchange Commission is cleaning up corruption and getting a monetary sum, which they would have only gotten because of the good nature of the whistleblower. The ten to thirty percent is an award that is absolutely fair and serves as a big incentive for anyone that possess some sort of information that could be deemed illegal to the SEC. Keep in mind, if you do want to become a whistleblower, make sure you do your research and bring your case to a highly qualified SEC whistleblower lawyer.