The Securities and Exchange Commission (SEC), a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, is taking more protective measures for whistleblowers. In other words, it bends over backwards to assist the companies it regulates to comply with the law. However when companies do not comply with the law, the SEC takes an initiative to assist those who voluntarily provide them with original information about a possible fraud against the government that has occurred, is ongoing, or is about to occur, also known as “whistleblowers”. Because of this, the Securities and Exchange Commission has recently initiated a more protective position toward whistleblowers, essentially because whistleblowers are simply trying to do the right thing and without them massive amounts of fraud against our government would go undetected.
Protections for Whistleblowers
When allegations about a company arise, the Securities and Exchange Commission wants to see that the company is taking these allegations against them seriously and separating the allegations from the actual person making them. Although the Securities and Exchange Commission will consider information on the whistleblower’s credibility, the Commission is concerned with employer’s whistleblowers policies and seeing what the company actually does with the whistleblowers allegations. Additionally, the Securities and Exchange Commission wants to see how the employee is treated after the allegations are made, including making sure that the employee/whistleblower is not discriminated or retaliated against because of the allegations he or she makes against their employer. Such discriminatory actions include termination, demotion, suspension, harassment and any other act that would dissuade a reasonable person from reporting violations. Moreover, if an employee has been wrongfully retaliated against, they may bring a private action in federal court against their employer. If they prevail, they may be entitled to reinstatement, double back pay, litigation costs, expert witness fees, and attorney’s fees. The Securities and Exchange Commission can also take legal action in an enforcement proceeding against any employer who retaliates against a whistleblower for reporting information.
Contact an Experienced Attorney at Our San Francisco Whistleblower Law Firm
For a free and confidential consultation with one of our San Francisco whistleblower lawyers, please call 888-503-8267 or contact us via this website.