Whistleblowers have become more common ever since Congress passed the act to protect their rights and efforts in exposing fraudulent companies. There are many individuals around the world in different fields of finance that come across financial irregularities that they wish to report. At times like this, it is best to report this news to the Securities and Exchange Commission to ensure it is investigated further. The Dodd-Frank Wall Street Reform and Consumer Protection Act made some serious changes to the financial market when it was introduced in 2010 by Barack Obama. Any violators for the SEC laws will be prosecuted for their actions and employees have the right to plea and have their employment protected. There is a SEC Whistleblower law firm out there that is dedicated to helping people with their cases against major companies, Labaton Sucharow. Labaton is not the only company out there helping people with their whistleblower cases, but they are the first.
There are more incentives for whistleblowers to share their information nowadays, rather than needing to be afraid of being affected by the law, a corporation, or simply losing their jobs. Whistleblowers are also privileged to some compensation when they present worthy information to SEC that makes it to an actual court case. The Securities and Exchange Commission is willing to pay up to 30 percent of the money that is sanctioned during a case to the whistleblower directly, which comes out of the costs of the corporation rather than SEC.
In the past, many employees have been afraid to come forward because they were the ones that broke the rules technically, although it was their employers who had them do the job. In these cases, whistleblowers are urged to come forward anyway as they will not face the penalties, instead their employers will face the consequences for breaking the SEC laws. Contacting a SEC attorney is the best course of action for those who believe they have information about misuse or financial fraud relating to their corporation or any other corporation. By doing so, a whistleblower can protect their rights and figure out their best course of action moving forward.