Whistleblowers Key to Outing Future Madoffs

Financial Times
July 6, 2014

Jordan A. Thomas believes whistleblowers can "absolutely" prevent or detect large‐scale misconduct

Jordan Thomas, chairman of the whistleblower representation practice at Labaton Sucharow, a U.S. law firm, believes these measures will make a big difference. "Can whistleblowing prevent or detect large‐scale misconduct? The answer is absolutely yes," he says. "The genius of the SEC whistleblower program is that it recognizes that law enforcement authorities cannot effectively and efficiently police the market without the assistance of individuals."

Thomas says: "Because people can report anonymously and for significant monetary gain, people are breaking their silence. I think it is far less likely a [Bernie] Madoff‐style fraud would occur today."