SEC and CFTC Whistleblowing: Know Your Rights Against Workplace Retaliation
Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act over a decade ago, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have been giving out incentives to individuals who provide information regarding breaches of securities and commodities laws.
Whistleblowers can potentially receive a percentage of the amount the government collects from successful litigation. While the incentives are impressive, there is still some hesitation about reporting fraudulent behavior for fear of workplace retaliation.
In the event that this happens, there are several ways to help uphold your rights as a whistleblower.
File a Case in Federal Court
The Dodd-Frank Act offers job protection to whistleblowers, stating that no employer has the right to suspend, demote, harass, threaten, discriminate or fire an employee who reports corporate fraud to the SEC or CFTC. If any of these happen, the employee can file a case in federal court.
Consult an employment lawyer if you experience retaliation. If not rectified, it may lead to job loss. Having an attorney to represent you and assert your rights is the best way to protect yourself. If successful, you may be granted reinstatement, expert witness fees, payment of attorneys’ fees, litigation costs and double back pay.
Report to SEC or CFTC
The SEC and CFTC both offer anti-retaliation protection to emerging whistleblowers. The SEC has enacted this authority several times over the years. For instance, a fine was issued to a company after firing an employee who reported possible securities violations, even though the concerns were left unproven.
The CFTC’s Rule 165.20, states that regardless of whether you qualify for a reward or not, the Commission has the power to file a suit against your employer should they retaliate. You also have the right to pursue a private case against your employer.
File a Complaint With the Department of Labor
Depending on the agency that is concerned with your situation, the process for filing a complaint with the Department of Labor also varies. The key things to remember are keeping complete documentation of the complaints you made internally (if you have) and making sure to file the complaint within the allotted time frame. Some claims have to be submitted within 30 days of the apparent retaliation.
Get Assistance in Filing With the SEC or CFTC
The Whistleblower Info Center, operated by the award-winning Uustal Trial Attorneys, provides assistance to individuals who come forward to reveal unlawful activities in the workplace. We encourage employees to reach out to us so that a member of our team can fully evaluate their situation.
Schedule a consultation with us today.
Your submission is privileged and confidential. We will not share your information without your permission.
Contacting us doesn’t create an attorney-client relationship. By evaluating your potential case, we aren’t agreeing to represent you, and you aren’t obligated to engage us. That requires a formal written contract.