Being a whistleblower needs sacrifice and focus as it comes not only with its advantages but also its downhill. Those willing to go down this lane need to be totally sure that this is what they want to do as they may face social segregation even though the rewards are worth it. It is for this reason that one needs to be sure about getting their rewards after successfully helping SEC build a case against a company committing violations regarding finance, administration, and any other violation.
With the implementation of the Dodd-Frank Act, the United States Securities and Exchange Commission have the responsibility to see to it that any whistleblower that gives original information that leads to a successful case should be rewarded with monetary incentives of up to 30% if the financial sanctions placed on the guilty party exceed the million dollar mark. The incentive could range from 10% to 30%.
Bodies and law firms such as Labaton Sucharow have gone on to train SEC whistleblower attorneys who specialize in helping whistleblowers get the most out of the reward program. Most of the SEC whistleblower lawyers were on the original board that was reinstated with the task of developing and implementing the whistleblower act in the Dodd-Frank Act and therefore have a better understanding of the reform.
A lawyer will help you to:
1. Establish if the information you are willing to provide to SEC meets the threshold of originality required. If it doesn’t, the lawyer could still help argue that the information provided by the whistleblower helped in one way or another to build a successful case, in which case, the whistleblower deserves part of the reward.
2. Keep investigating the case you are building and provide SEC with more information in the course of their investigation. This will increase the whistleblower’s chances of getting the monetary reward and other awards.
3. The lawyer can help you argue that the information you presented to SEC helped greatly in deterring potential upcoming misconducts in the guilty company. For this reason, the rewards will be more significant.