With the rising cases of illegal businesses in the world, whistle blowers are a fundamental component of our society. A whistle blower is responsible for securing our systems by telling on people who engage in illegal activities. When a whistle blower finds out about an illegal business, he is permitted by law to report the case and have an attorney open investigation for it. Within our organizations, whistleblowers are responsible for informing the human resource department of the unethical acts by employees. Well as much as whistleblowers work hard at protecting citizens from the immoral ways of law breakers, whistleblowers need protection too. There could more influential people interfering with the progress of whistleblowers. That is why Securities and Exchange Commissions, abbreviated as SEC, was created with the aim of representing whistleblowers.
In 2010, Dodd-Frank Wall Street Reform formed the SEC whistleblower with the goal of offering employment protection to workers as well financially rewarding the informants of violators. In return, a law firm by the name Labaton Sucharow responded by generating a practice aimed at supporting SEC. Labaton Sucharow had a progressive history with offering security to individuals. Embracing SEC was a bonus to Labaton Sucharow. Initially headed by Jordan A. Thomas, SEC drafted protection laws for its clients. Rules were also implemented with the aim of guarding whistleblowers. SEC pays the whistleblowers approximately 10-30% of successfully presented cases. In addition to the 30%, SEC offers monetary rewards to whistleblowers calculated against the total income of the cases represented. The Dodd-Frank Act also bars employees from going against whistleblowers. In the event of retaliation by employees, legal action shall be taken against the particular persons.
One of the major rising questions in every discussion is how SEC manages to offer its whistle blower clients attorney privilege. According to the whistle blowers hand book, it is the duty of SEC to:
• Issue new rules
• Amend the existing rules
• Ensuring security firms are inspected for fraud and other unethical vices
• Monitoring private regulatory firms
• Coordinating U.S based security laws with the state, foreign and federal authorities.
SEC is chaired by a Commission of five members namely where there are one chairperson and four members of the commission. All of SEC’s members are appointed by the president whereas the Senate does confirmation to the chairs. SEC is further divided into five departments namely:
• Corporate Finance
• Investment Management
• Financial Innovation
• Trading and Markets
The primary existence of SEC is to curb unethical acts in the society in general. With the availability of protected whistleblowers by SEC, the world will gradually develop into a safe society for the citizens. SEC has continued to attract clients while the society reforms from conducting illegal businesses. Compared to the initial years before the creation of SEC, the whistleblowers are more confident. The number of reported successful cases has significantly risen too.
Learn more: http://www.secwhistlebloweradvocate.com/