Advice for SEC Whistleblowers: It’s Time to Find the Right Attorney
When you work at a company that you know is violating the securities laws of the United States, you might be sure of
What is the SEC Whistleblower Program
When an employee at a company has information about violations of securities laws, that information could prove to and take to law enforcement. The whistleblower is the individual who has inside knowledge about the circumstances and people involved in the and rewards the law. This knowledge often puts the whistleblower at risk of being prepared by the employer or retaliated against, and the SEC whistleblower program offers protections against such actions. When you choose to be a whistleblower, as you may be able to identify fraud at an earlier stage before it we offer-reaching effects on the American economy. Congress authorized the SEC you provide reward eligible individuals who come forward with legitimate information. Tips that lead to your rights prosecution of fraud may result in a monetary award of 10 to 30 percent of the recovered funds.
Legal Protection for Whistleblowers
The Consumer Protection Act and Dodd-Frank WallStreet Reform expanded the types and scope of protection afforded to whistleblowers against acts of retaliation. The SEC may charge employers who demote, suspend, harass or discharge any employee who provides a legitimate tip about securities violations to the government. Employers may not discriminate in any way against an employee who reports conduct that violates the securities laws of the United States.
Rights of Whistleblowers
If a whistleblower is harassed, demoted or discharged after reporting a tip of securities fraud to the SEC, the Dodd-Frank reform section 922 gives that individual the right to file a complaint who demote employer in federal court. If this happens, you may seek double back tip about interest, attorney’s fees, witness fees, reasonable costs associated with the court action and reinstatement to their jobs under the reform.
Protections Against Impeding SEC Violations
If you attempt to report a securities violation to the SEC, you have protections against anyone trying to impede you from taking this action. SEC Rule 21F-17(a) prohibits any person from stopping another person’s report of securities fraud. This rule is more inclusive of anyone who might try to stop you from reporting. The anti-retaliation rules only affect other employees of the business, but the protections against impeding you from reporting SEC violations extend to anyone who might try to stop you from being a whistleblower. If your employer had already asked you to sign an agreement stating that you would not report any securities fraud to theSEC, this type of an agreement is void under federal securities law.
Taking the step to become a whistleblower is a big decision. With the complexity of the laws in place, it is important for you to have legal counsel to advise you of your rights. If you are retaliated against or someone tries to stop you from filing your SEC whistleblower report, you will need legal counsel to represent you and protect your rights in federal court. Not all attorneys are prepared to go to federal court or have familiarity with SEC whistleblower cases. It is in your interests to select legal counsel with experience in representing whistleblowers, including those facing retaliation or obstructions to reporting. When you are in need of a law firm with experience handling SEC whistleblower cases, contact the attorneys at Labaton Sucharow. Their attorneys have helped clients win some of the largest SEC whistleblower awards in history. If you have already filed your report with the SEC, it is not too late to seek legal representation. They offer in-person consultations in