Delays are Reported in SEC Whistleblower Program
May 7, 2015
Jordan A. Thomas comments on report of SEC award pay out delays to whistleblowers
One attorney in the field, Jordan Thomas of Labaton Sucharow, said he was "surprised" by the news report. "I have not seen the kind of delays reported," he told InsideCounsel.
If the issue relates to appeals of whistleblower awards, Thomas says that improved communication between the SEC and whistleblower may mean there will be fewer appeals and that will likely reduce any delays.
In addition, there could be multiple whistleblowers and they may be appealing the SEC's decisions on awards. Some of those who are seeking awards may have "little or no basis" in applying for the awards, Thomas said. "That causes delays."
"The reasons for that delay may not be … obvious to the general public," Thomas added.