Many are afraid to blow the whistle on underhanded business dealings because their job may be on the line. Being party to such underhanded dealings from corporate heads usually means being in a close position to the individuals involved. When it is revealed that you breached confidence to tell Uncle Sam the truth, feelings aren’t always of the respectable variety after the fact. Usually this will result in the loss of one’s job. Until 2010, there was nothing to curtail that from a legal standpoint. Then Jordan A. Thomas’ legislation was enacted by Congress, and whistleblowing became lucrative.
Called the Dodd-Frank Wall Street Reform and Consumer Protection Act, this reform has been labeled one of the most drastic reforms since financial scrutiny was applied to public business in the wake of the Great Depression. What it does is provide incentives to informants and protection employment, with an anonymity possibility should legal representation be retained. It works like this: if there are sanctions recovered of the monetary variety by the SEC, and they exceed one million dollars, the whistleblower will receive between ten and thirty percent of the sanction. Additional recovered sanctions will accordingly reveal additional incentives. The 10-30% marker indicates a negotiation cushion, which can potentially increase recovery.
Jordan A. Thomas spearheads a legal practice called Labaton Sucharow. Their official concentration is Whistleblower Representation. Thomas, who wrote the legislation as mentioned earlier, leads the legal team at Labaton Sucharow. Immediately following congress’s enactment of the Dodd-Frank reform, the firm came into prominence, and is the first to start offering such protections nationally. It is arguably the best, considering its leader thoroughly understands the issue. He understands it so thoroughly that through his firm whistleblowers can remain anonymous when they bring information to the forefront. He also understands sometimes, even with the incentives, whistleblowers are in a position that pays so much more, the incentive could eventually act as a pay cut. That’s another reason employment security is protected in such scenarios, and equitable situations are sought for all parties involved.
Modernity is rife with financial crises, and they seem to be snowballing beyond control. Oftentimes the best way to retain control, and restore forthright financial dealings, is to start from the bottom up. Whistleblowing is about helping restore America’s financial system to the kind of fair, honest market it should be. Without people working for a change, and making sacrifice, that won’t happen.