Jordan A. Thomas, a SEC whistleblower attorney at Labaton Sucharow, LLC has seen an increase of whistleblower participants, since 2012. He provides insight on the consistent growth of the SEC Whistleblower program and its impact on recent rulings for whistleblowers. Thomas has represented and is presently representing clients who provided inside tips to the SEC for corporations’ unethical securities practices. In June, the law firm announced a client was awarded $17 million for providing valid tips of a financial institution wrongdoings. It is one of multiple whistleblowing cases the firm’s clients were awarded monetary incentives from 2012 until 2016.
After carefully examining the steady increase of the U.S. SEC Whistleblower Program over the last five years, Thomas says the tips provided by whistleblowers have an impact on SEC rulings. Recent rulings in 2016 are favorable for the whistleblowers who are contributing to protecting consumers and national and international economies. According to Jordan, a fiscal report to Congress revealed the Office of the Whistleblower received approximately 4,000 tips in 2015, which is a 30 percent increase since 2012. Participants in the SEC Whistleblower Program are accountants, attorneys, officers, and other internal executives. Jordan Thomas also noticed a growth in the awareness of the program in the United States and over 60 foreign countries.
Various corporations believe the whistleblower program may cause frivolous claims of misconduct against innocent entities. Provisions in the SEC program clearly encourages internal employees to report wrongdoings to their superiors before filing a tip with the commission. Employees who are fearful of losing their jobs or unwanted harassment should seek legal advice and representation of a reputable SEC Whistleblower attorney. In a National Business Ethics Survey conducted by Securities and Exchange Commission, the Ethics and Compliance Initiative estimated 92 percent of whistleblowers report misconduct to the employers first. Most of those reporters were ignored or retaliated against.
Labaton Sucharow LLC is a recognizable law firm practicing SEC Whistleblower international and national laws with offices in Delaware and New York. To learn about the whistleblower program, visit the firm’s SEC Whistleblower Advocate website. The site is filled with informative resources pertaining to the types of protection provided to whistleblowers before actually scheduling an appointment. Jordan A. Thomas has led the SEC Whistleblower team since the program was developed in 2011. He helped with the development process of the program while serving as Assistant Director and Litigation Counsel for SEC’s Enforcement Division.