SEC Reports Record Year for Fraud Enforcements, Expects More in 2012
November 17, 2011
Jordan A. Thomas predicts increased activity from the SEC due to the Whistleblower Program.
"In the coming years," Thomas said Wednesday, "I predict that the SEC will exceed its previous records in both number of actions brought and the amount of sanctions collected as a result of whistleblower assistance."
New yearly records will be set, Thomas said, "because courageous insiders are finally breaking their silence." Thomas left the SEC in July and now handles whistleblower litigation as a partner at Labaton Sucharow in New York.
What the report doesn't emphasize, Thomas noted, is "the high quality of the whistleblower submissions. The percentage of tips actually being converted into investigations is much higher than what the SEC saw historically."