Since 2010, whistleblowers have increased and become more vocal than before. This is not just coincidence but as a result of the changes that the SEC made to allow whistleblowers better reporting capabilities and protection while at it. The SEC Whistleblower Program was established in 2010 and would come as a perfect tool to help whistleblowers from across the country and oversees present facts about the violations they spot in different industries.
To motivate whistleblowers, the SEC Whistleblower Program is offering rewards amounting to a percentage (10% to 30 %) of the sanction collected. This is a good system that assures the whistleblower their effort will not go unrecognized while helping the government in the fight against securities violations. So far, the body has issued rewards amounting to more than $400 million and there is more for those with vital information about securities violations.
One of the most recent rewards that hit the headlines and motivated Labaton Sucharow is the issuance of $17 million to a whistleblower who shared details about wrong doings that have existed in the financial markets for a long period of time. A Labaton Sucharow client, the whistleblower was issued the second largest amount since the SEC started the reward system.
To get this much, the information provided was reviewed and it contained high quality facts that verified the need for the SEC to pursue sanctions against the perpetrators of the violations. Labaton Sucharow is happy to be part of the success since this is one of their many clients who have celebrated success after following the guidelines issued before moving to the SEC with the facts. Labaton Sucharow has been helping whistleblowers by advising them on how they can handle their facts and the kind of information they cannot present before the SEC.
About the SEC Whistleblower Program
The SEC Whistleblower Program has come as a vital resource among whistleblowers. It not only offers protection and assured privacy, but also offers rewards to the whistleblower for the great effort in exposing securities laws violations.
It is one of the best decisions by the SEC since it has motivated more people to come out with details and share facts with the SEC. Currently, the number of cases presented to the SEC has increased and people are able to share the information even from overseas locations, courtesy of the international reporting capabilities offered along with the ability to report anonymously.