BNP Case Spurs Calls for Whistleblower Incentives in Banking

Reuters
July 21, 2014

Jordan A. Thomas emphasizes the lack of protection for whistleblowers with information on banking law violations

"We have a (whistleblower) law that covers tax fraud and fraud against the government (and) commodities and securities violations, but we don't have similar laws for banking regulators," said Jordan Thomas, head of the whistleblower representation practice at law firm Labaton Sucharow and an architect of the SEC's program. "To me, that is a significant gap."

Thomas said he regularly received calls from people who want to report violations of banking law. "I have to tell them there is not an avenue for them to report and receive a monetary reward," he said.