The Great Recession proved to be a very costly event that led to a severe economic downturn. As a result, the Congress acted in order to take preventative measures against this event. They passed a new law known as the Dodd Frank Wall Street Reform and Consumer Protection Act. With this new law, the financial industry would be more heavily regulated. Along with this added regulation, the new law also developed a new program known as the SEC Whistleblower program. This will allow anyone to report wrongdoing that takes place in the finance industry. It will also allow individuals to seek litigation for lost money and get representation from a qualified SEC whistleblower lawyer.
When looking to seek litigation through the SEC whistleblower program, it will be important to use the services of a top firm such as Labaton Sucharow. This firm has established itself as the premier law firm when it comes to litigating against predatory financial companies. The firm is run by longtime attorney Jordan Thomas who has helped build Labaton Sucharow into a highly effective law firm that gets results. He was once part of the Securities and Exchange Commission and therefore has a lot of expertise when it comes to the securities laws. When getting representation from this firm, clients will be able to have an SEC whistleblower attorney assigned to them throughout the whole case.
Labaton Sucharow offers services to clients that are highly effective in terms of getting favorable results in securities law cases. Clients will get legal representation from one of the assigned attorneys. As well as general legal representation, clients will also get assistance from forensic accountants, financial analysts and also general investigators. With all of the contributions made by these professionals, clients will be in great position to get a positive result in a given securities litigation case. Each of these professionals will work to examine documents, interview people and also put together reports for the lawyers to use when filing a case.
Once a client looks to receive assistance from Labaton Sucharow, they will be assigned an attorney. They will be offered an initial consultation to tell the lawyer exactly how they were victimized by unethical activity committed by financial companies and professionals. The lawyer will then gather the necessary information and file documents to both the defendant and the court. Depending on the response, the case will either be settled or go to court. If a client wins the case, they will receive compensation as well as have their identity protected.
There is no question that it is a hard decision for a person to make the decision to come forward as a whistleblower. A dark shadow used to be cast on people that blew the whistle on corruption, particularly as an employee coming out against their employer, and for the most part, employers were able to bring a lot of harm to these whistleblowers. Fortunately, things have changed dramatically over the last several years, as there have been protections that have been put in place that significantly improve the plight of a whistleblower. Since 2010, employees that want to shed light on any type of violation of the securities laws to the SEC will be protected by the SEC whistleblower program and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
While coming forward to blow the whistle on this type of a violation, a potential whistleblower can also stand to make quite a bit of money, which serves as another huge incentive. Based on the fact that these types of violations can be costing the SEC millions of dollars, the SEC is willing to pay out a percentage of the fines inflicted on these businesses that are in violation. For example, if a whistleblower comes forward to expose a violation and the company they exposed has to pay out ten million dollars, then the whistleblower would in turn get somewhere between one and three million dollars. This is a win-win situation for the Securities Exchange Commission, as well as the whistleblower, so anyone that wants to come forward with such information has quite a bit of protection and likely a decent payout.
Before jumping the gun and making the decision to come out as a whistleblower, the smartest thing to do is to hire an attorney for representation. Rather than simply hiring a regular lawyer, there are now attorneys who specialize in whistleblower cases. Hiring the representation of an SEC whistleblower attorney is a great idea, as they work on these types of cases day in and day out and will be able to work your case far better than a typical lawyer. These types of cases with the SEC have only really been around in such numbers for the last six years ago, as these protection acts were only finalized in 2010, so hiring an SEC whistleblower lawyer that only deals with these types of cases is a huge advantage.
Geoffrey Cone is of the strong opinion that New Zealand is not a tax haven and is adamant in changing the mind of anyone who seems to think so. To this regard, he has published an article that states facts that prove that New Zealand is not a tax haven. To argue his case, he starts by pointing out that New Zealand has never featured on the list of the world’s tax havens as maintained by the OECD. He believes that New Zealand’s exclusion from this list is because it does not have a private banking industry nor does it dawn a single characteristic that is common with tax havens. According to Geoffrey, the characteristics associated with tax havens are the presence of laws or procedures that make the exchange of information related to tax difficult, lack of transparency and no or only nominal taxes.
The second fact that Geoffrey points out is New Zealand being among the first countries to be included in the OECD’s white list. This list includes countries that operate in line with the 2002 OECD Model Agreement on Exchange of Information on Tax Matters. The model agreement supports the global exchange of information to enforce domestic tax laws. In Geoffrey’s opinion, New Zealand works hard to demonstrate transparency and the best example to prove this would be its hard line on the requirements for trustees. The goal of New Zealand in putting up the stringent requirements is to ensure that all information regarding trusts is accessible to other countries upon request.
Geoffrey also notes that there has been an increase in the number of foreign trusts administered in New Zealand. He attributes this to the appreciation of the international community of New Zealand as a safe country to put their assets. He also gives credit to the well-regarded judiciary and extensive professional and legal infrastructure for the influx. While Geoffrey gives thanks to the past governments for creating a regulatory environment that encourages foreign trust administration, he is of the opinion that those that act as foreign trustees have had a more significant impact on the increase of foreign trusts. He believes that the fact that respectable lawyers and accountants manage the foreign trusts lifts the country’s reputation in the OECD and amongst international experts. Geoffrey continues to state that, in the trade of managing foreign trusts, New Zealand only competes with country’s that apply tax principles that are similar to the ones that it applies to its foreign trusts. These are countries such as U.S, Singapore and Britain.
About Geoffrey Cone
Geoffrey has a rich educational background having graduated from the University of Otago. In addition to that, he holds a diploma in trust and tax law. He started his career in Auckland in 1980 before moving to Christchurch, where he made partner in a leading law firm. He founded Cone Marshall in 1999.