Big Payout for Whistleblower
SEC Whistleblowers have become more and more prominent over the last few years, which has been a direct result of programs that have been implemented, which have created an easier path for people to come forward. In the past, if you did come forward with information in regards to some type of wrongdoing, there was a good chance that a person would be completely blacklisted, meaning they likely would not ever be able to become employed in the same field or industry. However, major cases have developed over the last few years that have not only provided the ground work for a means of protection for these individuals, but really have opened the flood gates. http://www.thinkadvisor.com/2016/06/09/sec-pays-out-17m-whistleblower-award
In a recent case, a whistle blower that decided they wanted to come forward was awarded seventeen million dollars for doing so. This has been the second largest case to date and is truly a great thing, as these types of penalties, which come in the form of sanctions against one or more businesses, are a major reason for companies not to engage in illegal activities. The more mainstream these types of cases become and the more that companies are caught with their hand in the cookie jar, the less this type of thing is likely going to happen. Another great benefit of this case is the fact that the individual that blew the whistle remained totally anonymous, which means they are not going to get blacklisted from their industry. This is a huge thing, as in the past, when a whistle blower decided to come forward, even if they received any type of monetary sum for their testimony, they likely were not going to be able to work again. The actions that have been taken to create protection for whistle blowers truly is a great thing, as a person that knows something wrong is going on does not have to decide between exposing it and losing their job, or simply holding their tongue anymore.
One of the reasons why this works so well is the fact that it really is a win-win situation. The whistle blower remains fully anonymous and receives between ten and thirty percent of the sanctions that came against anyone they blew the whistle on. Essentially, the whistle blower gets a portion of the sanctions, the business gets penalized and everything starts to get a little bit cleaner in the business world. If you think you are going to come forward, it is important to get an SEC whistleblower attorney, as a lawyer is going to give you the best shot at winning your case and remaining as protected as possible.