The Dodd-Frank Wall Street Reform and Consumer Protection Act has been enacted by Congress in 2010. This is a much needed development because businesses tend to operate in a way that throws ethics out of the window. There have been a lot of fraud and other unethical business methods that have left people victimized. The unfortunate thing is that a lot of the people that are not happy with this handling of business is silenced because of the threat of consequences. However, a lot of unethical handling of business has been revealed in the economic downturn of 2008.
The SEC Whistleblower program offers protection for the employee as well as some incentives for people to report any potential violations to the SEC. Thanks to the Dodd-Frank Wall Street Reform and Consumer Protection Act, people have a platform to talk about any violations that they witness in their company. The SEC Whistleblower program operates under certain rules that not only offers the person protection, but compensation. In fact, eligible whistleblowers will receive between 10 and 30% of the sanctions that have been collected in the investigation. So not only do employees not have to worry about not getting fired or facing other severe consequences, they can also get compensated for revealing unethical practices. Whistleblowers may also get additional awards for sanctions that exceed $1 million.
One good thing about the Dodd-Frank act is that employers are forbidden to retaliate against the whistleblower. Another thing is that the whistleblower can choose to be anonymous if they choose to be represented by a lawyer. Even though the employer is forbidden to retaliate, the whistleblower can choose to protect himself by not providing any information that could identify them. There are also services available for whistleblowers that are in other countries and nations. Among the services are translation services for clients from countries that don’t speak English as its primary language.
This is one of the ways that businesses are being made to improve their conduct. Also, the SEC makes the corporate world a safer place for people to work in. The SEC Whistleblower program also offers free case evaluations. http://www.secwhistlebloweradvocate.com/