More Than 3,000 Whistleblower Tips Hit SEC in First Year of Dodd-Frank

New Jersey Law Journal
November 19, 2012

Jordan A. Thomas points out that increased awareness of the SEC Dodd-Frank Whistleblower Program and their potential payouts will increase whistleblower reporting

Whistleblowers could stand to earn as much as $180 million, according to calculations by Jordan Thomas, the chairman of whistleblower representation at Labaton Sucharow and the former SEC assistant director who helped set up the program.

Those awards are significant to the success of the program, Thomas said. Surveys his firm conducted this year showed that one in four financial professionals said they saw wrongdoing in the workplace, and 94 percent said they would report it under the protections offered by the SEC whistleblower program.

Only 44 percent of them knew about the SEC program, however. And Thomas pointed out there was a large jump in reporting in August, the same month the SEC announced its first whistleblower payout. "Once these people become aware of the program, they're going to be reporting," Thomas said.