Justice Department Launches a Full-Court Press on Misdeeds at Banks

Compliance Week
September 23, 2014

Jordan A. Thomas addresses the need to increase whistleblower protection in the FIRREA whistleblower program

"The enforcement net has had a significant gap in the banking sector and this a step toward closing that gap," says Jordan Thomas, a veteran of the Securities and Exchange Commission's Enforcement Division who now heads the law firm Labaton Sucharow's whistleblower representation practice.

"I get a lot of calls from people who are interested in reporting banking violations and I have to tell them that there is currently no law by which they can have the protections of other whistleblower programs," Thomas says. "Perhaps Holder intends to add that provision, but people on Wall Street, particularly those who are high net worth, are concerned about being blacklisted from the industry."