SEC Whistleblower: Write Article

The SEC Whistleblower Program came into being following the US Stock Market Crash of 2008-09. Here is a brief back- story that led to the Program. The crash of 2008-09 lopped off $7 trillion of household wealth. There was an enormous outcry at the way banks and mortgage institutions had defrauded investors and pension funds. They had written mortgages at sub prime rates, often without investigating the background of clients, their earnings and whether they even had a job. The rating agencies colluded in the process by giving them an A or AA rating. To unload this junk the banks and mortgage institutions packaged these mortgages into what were called Collateralized Debt Obligations or CDOs and sold them to investors and pension funds. The whole thing blew up when there were no bids to buy and the market froze. The crash followed. The banks were bailed out with the enactment of TARP using taxpayer money. The Federal Reserve started printing money and buying bonds and mortgage backed securities from banks and mortgage lenders. All toll, the Federal Reserve bought $4.3 trillion of this stuff, some of it at FACE VALUE.

When investors and pension funds found out that they had been duped, they cried out for regulations to recoup their losses. The result was the Dodd-Frank Wall Street Reform and Consumer Protection Act. A section of this Act was devoted to the Whistleblower Program. This program outlines specific guidelines that enable Whistleblowers to come forward, to protect their identity and to prevent retaliations from their employers.

The rules of the program state that the “Securities and Exchange Commission (SEC) will pay 10% to 30% of the monetary sanctions collected as a result of successful enforcement action or actions in which the sanctions exceed $1 million.”

In cases where the sanctions exceed $1 million, a Whistleblower may collect additional monetary rewards from other regulatory or enforcement agencies.

Under the program the Whistleblower is protected. His/her identity can remain anonymous if represented by a SEC Whistleblower attorney. He/she is not required to provide persons identifying information or the names of possible security violations. Information given to the SEC can be by telephone, email or electronic submission through the website. Whistleblowers are protected from retaliation from their employer.

The highest Whistleblower payment was for $30 million on September 2014. The most recent payment was for $17 million, the second highest. All toll the SEC awarded $85 million to 32 Whistleblowers.

Criteria For New York Attorneys

In New York, an attorney is considered experienced in his field when he has been practicing law for at least two years,at which time he is considered to be a member of the New York Bar, but only after mandatory criteria is met and satisfied.

Through the collaboration of the bench and the Bar’s proud tradition and mission statement, there is the implementation to enhance the ethics of professionalism in serving clients and the public, by having attorneys complete the Continuing Legal Education, or the CLE.

The experienced attorney must fulfill a total of 24 accredited CLE hours during each biennial disclosing cycle. This is the two year period between the attorney’s registration and application to the New York Bar for licensing.

A minimum of four of these credit hours must be in Ethics and Professionalism.

One way, an attorney may earn CLE credit is by participating in CLE courses offered in live classrooms, or in alternate setups such as audiotapes,video conferences and online as well, as long as the CLE Board has certified the provider to offer that particular course in that format, or the course is available for credit under the New York’s Approved Jurisdiction policy.

Another way that an attorney may receive credit is for speaking or teaching at an accredited CLE curriculum, engaging in a panel demonstration at an authorized CLE exercise for teaching law courses at an ABA accredited law school for formulating students for and judging law competitions, mock trials,moot court arguments, including those at a high school or college level, for published legal research material and for giving pro bono services.

Ross Abelow Esq. is a prominent New York attorney who is the founder of, and a partner at the Law Firm of Abelow,Cassandro,LLP in Manhattan.
His main focus is on matrimonial law,family law,commercial litigation,entertainment law, automotive law and civil rights.
In 1986, he received his Bachelor of Arts in Political Science and English at the State University of Albany, New York.

In 1989, he obtained his Juris Doctorate at the Brooklyn Law School.

Ross Abelow, Esq. was president of Commission For Social Justice Educators (CSJE) for the USY or the United Synagogue Youth Chapter.

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How to Choose an Attorney in NY

When you are in need of an attorney, knowing who to turn to can be difficult. In a place like NY, where there are so many options to choose from, it can be even more complicated to find the person who can really help you through the legal issues you are facing. If you are in need of an attorney in NY, we have a few things to keep in mind to help you choose the person you want.

Experience

You want to hire an attorney in New York City who has years of experience in the field. Whatever type of law they practice, you want them to provide quality services, which can only come from years and years of working. To choose the right person, be sure to ask for references and information on their degrees. Most attorneys have certificates and degrees on their walls, but if you do not see them you should be sure to ask.

Budget

Depending on the type of lawyer you require, budget can be an important thing to look into. A personal injury lawyer, for example, will usually only ask to be paid if and when you win your claim, so budget is not really a concern. If you need another kind of attorney, however, they will require some of their fees up front.

An attorney like Ross Abelow has all of the experience you want in a lawyer. He has been practicing in the area of New York City for years, providing his clients with dependable representation in family and matrimonial law as well as entertainment law. He is known for his enthusiasm and determination in helping each and every one of his clients.

Ross Abelow offers quality representation at affordable rates.  With his level of experience and his dedication, you are sure not to find a better entertainment law or family law expert in the city.

Take the time to find someone with the right amount and type of experience you want and someone who does not gouge you with their fees. By taking the time to do a bit of research on attorneys you will save yourself a lot of trouble in the future.

Here is a recent article about Ross Abelow’s services: