So how do you regulate in industry that is constantly evolving new and different ways to make money? The best way to keep a leash on Wall Street is through the SEC whistleblower protection program. In 2010, Congress passed the Dodd Frank act which gave the federal government a little bit of regulatory force over Wall Street in response to the economic collapse of 2008. But hidden inside the massive bill was the key to regulating public financial institutions — the SEC whistleblower protections.
Jordan A Thomas was an architect of the SEC whistleblower protections and Dodd Frank. The man worked in the enforcement wing of the Securities and Exchange Commission. And now he works for Labaton Sucharow LLP, the country’s first law firm to specialize in SEC whistleblower protections under the Dodd Frank act.
Mr. Thomas has been a legend in the field. He secured the first federal government pay out for an SEC whistleblower in history. He also successfully defended the first whistleblower that received retaliation. Mr. Thomas used the protections found in the Dodd Frank act to make the cases successful.
But recently, Mr. Thomas secured the second largest payout for SEC whistleblower and history. The $17 million payout went to an anonymous whistleblower after the government recuperated fines from the public financial institution that was wreaking havoc. Under the Dodd Frank act, SEC whistleblowers are entitled to up to 30% of the fines recuperated by the federal government for any exposed wrongdoing.
SEC whistleblowers can even come forward anonymously, giving evidence against their public financial institution through an SEC whistleblower attorney. This anonymity protects whistleblower from any retaliation. And if the whistleblower does experience retaliation, a good SEC whistleblower lawyer can use the Dodd Frank act to protect the whistleblower even further. In the end, the Dodd Frank act’s most successful part is the advocation of Wall Street whistleblowers.