The implementation of the Dodd-Frank Wall Street Reform and Protection Act came with a lot of good promises for SEC whistleblowers. In the reforms is a whistleblower reward program which specifies that SEC whistleblowers will be rewarded accordingly. The act even put in place channels that protect each and every whistleblower against possible retaliation by those who have been reported.
The reform is, however, clear about those who are eligible for a SEC whistleblower reward. Only those who provide original and meaningful information that would lead to a proper case would be rewarded. The reward comes in the form of money from the sanctions that are placed on those who are found guilty. A whistleblower is eligible for up to 30% of the financial sanctions placed on the guilty party. Together with the money incentive comes a SEC award which may be not easy to earn and this is why one will need a SEC whistleblower lawyer to see to it that all the rewards are given to him.
According to the terms of the act, a successful case that results in monetary sanctions less than a million dollars on the guilty party would not earn the whistleblower anything. This is why on needs to ensure that the information they provide builds a huge case that would lead to them bagging the reward. One can, therefore, consider getting help from a SEC whistleblower attorney to help them with this.
A SEC whistleblower lawyer also comes in handy if the whistleblower doesn’t want his/her identity revealed. One can contact SEC on the issue together with the information, and they would be provided with an attorney.
Apart from the financial rewards, protection is also given to the whistleblower. This means that an employer is not allowed to retaliate in the case that their employee leaks out sensitive information about security violations to SEC. With this Act, a whistleblower is guaranteed that they will retain their job even if the case is built successfully and the company gets huge monetary sanctions. The law is clear about employers who go against this act. They will have to double pay the whistleblower and also compensate for all that was lost during the period in which they were retaliating.