July 13, 2016

Whistleblowers Can Help Save The Economy

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Drastic times call for drastic measures, and that’s part and parcel to Congress’s enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This enactment came in 2010, on the heels of 2008’s financial crisis. Called the Great Recession, it makes sense that the Dodd-Frank Act represents the greatest financial reform legislation since the Great Depression.

The man most responsible for getting this legislation to the table is Jordan A. Thomas. Thomas previously worked for the SEC. He held two positions there. One was the Assistant Director. The other was Assistant Chief Litigation Counsel. The SEC division where Thomas worked was that of Enforcement. When the legislation he wrote as a result of 2008’s meltdown was enacted, he immediately switched gears. Now Thomas works as the leader of a group of SEC Whistleblower attorneys at Labaton Sucharow.

Labaton Sucharow is the first Whistleblower Representation Practice in the country. It offers legal representation for whistleblowers who are willing to take advantage of the protections offered by Dodd-Frank. Labaton Sucharow offers cost-free initial consultation. While they encourage clients to reveal their identity during this first consultation, that can be left anonymous. Anonymity is, in fact, the key component Labaton Sucharow brings to the table in such legal proceedings. Usually they will be aware of client identity, but if such a legal team as Sucharow takes on a client, the client need never reveal him or herself to the world. This allows them to take fullest advantage of their new rights under the Dodd-Frank Act.

Dodd-Frank ensures incentives for whistleblowers. These incentives come from recovered monetary sanctions which are in excess of one million dollars. Those and additional recoveries represent the incentive pool for whistleblowers. In conjunction with that are injunctions which protect employment, so that whistleblowers don’t lose their job by doing the right thing. Without anonymity, though a job may be retained, its atmosphere will be colluded in all likelihood. It’s impossible to legislate against people’s perceptions and actions. However, with legal representation, incentives can be maximized, and reputation maintained while underhanded business practices are curtailed, and the economy is strengthened.

It can be hard to choose the right course of action in situations where telling the truth puts a person’s career and social standing in jeopardy. With Dodd-Frank and Labaton Sucharow, the best of both worlds can be achieved. It’s going to take time for the economy to rebuild, but coming forward about unethical business practices can help.

Category : LawyersSEC

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