The SEC program started in 2010 when the president appended his signature into law; the Dodd-Frank Wall Street Reform and Consumer Protection Act. The aim of the act was to protect whistleblowers and to offer them financial rewards when and if their claims check out and the party being exposed is found in breach of the federal securities laws to the SEC. The SEC program seemed beneficial to potential whistleblowers but left them confused since they did not fully understand the procedure. One of the most frequent questions from them was the role played by a SEC Whistleblower Attorney in the whole process. To address the issue, below are their roles.
The most important part of a SEC whistleblower attorney is to protect the identity of the whistleblower. The SEC whistleblower program allows the identity of the whistleblower to be preserved up to the point of receiving the reward. All through the case, the lawyer acts on behalf of the whistleblower.
They also are required to help whistleblowers evaluate the information that they possess. SEC whistleblowers attorneys understand the kind of information that whistleblowers need to have in their hands for them to prove beyond reasonable doubt that indeed there was a breach of federal securities laws.
If the lawyer finds that the information a whistleblower has provided is good enough, they will help them determine the best place to file their claim. Filing a claim with the right agency will help increase the chances of winning the case. It is mandatory for the lawyer to guide you in the right direction.
Lastly, a SEC whistleblower attorney assists to increase the amount of financial reward that the whistleblower will receive. It is their duty to research for more information that will help better explain a whistleblower’s information. They go on further to avail themselves to answer any questions that the SEC might have regarding the claim. These efforts more often than not lead to the maximization of the reward.
The initial consultation with most SEC whistleblower attorneys is free. They will often educate you on the act and the pros and cons of whistleblowing. They will also advise you on the way to handle your case once you decide to go through with it. SEC whistleblower attorneys often work on a contingency basis.