The Second largest award from Labaton Sucharow to SEC Whistleblowers

A whistleblower has been awarded $17 million for exposing bad practices in the financial services sector. This was announced by Labaton Sucharow LLP. This is the same organization that created the premier practice in the nation aimed at representing whistleblowers of Securities and Exchange Commission, SEC.

The money that whistleblowers earn as rewards

This is the second biggest award from the whistleblower program run by SEC. SEC has been in operation for six years. During that period, they have worked with various parties to help expose wrongdoing in various sectors. The arrangement is that the whistleblowers receive a minimum of 10 percent and a maximum of 30 percent of all the funds recovered in a successful enforcement process.

High-quality information led to sanctions

According to Labaton Sucharow, the whistleblower provided vital information. The high-quality information effectively led to the sanctioning of one of the main players in financial markets. Such individuals are allowed to remain anonymous if they feel that it is the best option for them. That is what happened in this case. One of the main benefits of remaining anonymous is that the whistleblower can effectively avoid being blacklisted, or retaliation action. SEC also tries to avoid indirectly revealing the revealer of information by not disclosing specific cases in question.

Some industry leaders were comfortable with the wrongdoings

SEC whistleblower lawyer, Jordan Thomas, said that his client chose to go against the odds. He revealed that there are those in the financial services industry who were comfortable with the wrongdoings that were harming investors. He also pointed out that future big and significant reports will all be because of the courage of whistleblowers.

Reporting federal securities violations

The protection offered by SEC, and the incentives given to whistleblowers, makes them able to report even federal securities violations. This is also done unanimously. The whistleblower does not have to worry about losing their employment. In addition to that, they can enjoy monetary awards for their courage. The funding of the awards is protected by legislation by the Senate.

More about SEC

SEC is mandated by law to receive information about any violation of the federal securities laws from whistleblowers. It works closely with a whistleblowers program established through the Dodd-Frank Act. This act was enacted by the Senate. Among the many functions of SEC is to ensure that whistleblowers are protected and that those who have information are motivated to give it to the organization for action against the wrongdoers.

The SEC gives the Second Largest Prize to a Labaton Sucharow-Represented Whistleblower.

Labaton Sucharow is a well-established firm that has been offering whistleblower representation for about six years. The company was the first in the industry to create a whistleblower representation practice in 2010 after the SEC formed a protection program for its informants. The plan shields informants who offer valuable intelligence on any organization that violates the federal securities laws of the United States by giving them an attractive financial incentive and ensuring that they are protected from being fired or harassed by their employers. One of the clients who is represented by Labaton Sucharow was recently offered an award of $17 million for informing the commission about the illegal operations of one of the front-runners of the finance industry. The prize was the second largest that has ever been given since the program was established.

According to the whistleblower protection laws, which were formed under the Dodd-Frank Act, 10 to 30 percent of the money that the commission gets as fines should be given as a reward to the whistleblower to appreciate the useful information that he or she provided. Labaton Sucharow helped in keeping the identity of their client a secret by acting as representatives in the whole litigation processes. Other whistleblowers are also advised not to disclose their identities as a way of avoiding possible blacklisting and revenge from the defendant. The commission did not give information about the case since it would expose the informant.

Jordan A. Thomas is the principal attorney of the whistleblower representation practice of Labaton Sucharow. He is highly experienced in the enacting securities laws, and he once served as an administrator of the SEC. One of the main achievement of Mr. Thomas is being part of the team that formed the SEC whistleblower protection laws. He also offered legal representation to the first public company employee who was awarded by the SEC for being a whistleblower.

The SEC whistleblower program is dedicated to motivating people to offer information on various fraudulent organizations in the finance industry through the financial incentives that it offers. An Investor Protection Fund was created by the Congress with a primary aim of ensuring that there are sufficient funds to provide to the SEC whistleblowers. The fund currently has $400 million.

The Lebaton Sucharow law firm was established about 50 years ago, and it has mainly been offering legal representation to organizational investors, enterprises, and consumers. The company has a well-organized platform for filling litigations, and it includes financial analysts, forensic experts, and investigators. It has been acknowledged by Chambers and Partners, Benchmark Litigation, and The Legal 500 as an excellent plaintiff lawyer.

Ricardo Tosto de Oliveira Carvalho is an Accomplished Brazilian Lawyer

Legal firms seeking new ventures should consider boarding the next flight to Brazil. The country is expanding at a fast rate and is currently the sixth biggest economy across the globe since its GDP per head is larger than China and India. The country is seen as a foundation for legal companies to increase their presence in other Latin American countries like Chile, Peru, and Argentina.

The nation of lawyers

Brazil has numerous lawyers due to the high number of law schools available in the country. In 2010, the country took position three of countries that have high numbers of lawyers in the globe. The United States occupied the first position with over 1 million registered lawyers followed by India with about 1 million lawyers.

More lawyers but low registration rates

The number of lawyers certified by the Brazilian Bar Examination is only 800 thousand. Statistics indicate that if all law students passed the Bar Examination, the nation would have nearly 3 million professional lawyers. At the beginning of the year 2014, Aloizio Mercadante, Brazilian Minister of Education, ordered the ministry to inspect all law programs offered by the country’s Universities to determine if all of them are appropriately structured and conducted in line with basic principles of law education. The goal of this move is to increase the number of students that Brazilian Bar Examination approves each year.

Ricardo Tosto de Oliveira Carvalho

Mr. Ricardo Tosto is one of the most accomplished leaders and legislator in the Brazilian legal practice. He started out as a junior lawyer in a small office and worked his way to the top of the most proficient corporate litigation law company. Next, he founded his firm and within a short period, it turned to be one of the largest and fastest growing law firms in Brazil.

Tosto was the first to adopt several innovative legal mechanisms that are popularly used across the Brazilian legal industry today. He has mentored some of the greatest attorneys in Brazil, who began as interns in the company (Leite, Tosto e Barros Advogados Asoociados). He closely monitors his company’s ongoing cases, provides revolutionary strategies, and offers specific guidance in case of special problems.