July 12, 2011

Senior SEC Attorney Joins Labaton Sucharow LLP To Launch Whistleblower Practice: An Architect of Revolutionary Enforcement Programs Joins Firm Widely Regarded for Commitment to Reform

NEW YORK (July 12, 2011) – Jordan A. Thomas, a 16-year veteran of the federal government, announced today that he has left the U.S. Securities and Exchange Commission (SEC) to join Labaton Sucharow LLP and launch its Whistleblower Representation Practice.  Labaton Sucharow is the first and only law firm to recruit a senior SEC attorney to lead a national whistleblower practice focused exclusively on representing individuals who report violations of the federal securities laws. 

"After working on the whistleblower and cooperation initiatives, I have come to believe that these new partnerships between government and private individuals will revolutionize the enforcement of the federal securities laws," said Mr. Thomas.  "It is this deeply held belief, coupled with my admiration for whistleblowers and Labaton Sucharow's unparalleled investor protection track record, that has led me to leave the Commission and dedicate the remainder of my career to protecting and advocating for these courageous individuals."

As an Assistant Director and Assistant Chief Litigation Counsel in the SEC's Division of Enforcement, over the last eight years, Mr. Thomas successfully investigated, litigated, and supervised a wide variety of enforcement matters–Enron and Fannie Mae, among them–which resulted in monetary recoveries for harmed investors in excess of $35 billion.  Prior to joining the SEC, Mr. Thomas was a Trial Attorney at the Department of Justice, where he specialized in complex financial services litigation involving the FDIC and Office of Thrift Supervision.  He began his legal career as a Judge Advocate in the U.S. Navy.  

Notably, Mr. Thomas played a leadership role in the development and implementation of the SEC's Whistleblower Program, which was enacted by the Dodd-Frank Act in July 2010, with the related implementing rules becoming effective this August.  An outgrowth of the most sweeping body of economic reforms since the Great Depression, the statute provides whistleblowers with enhanced anti-retaliation protections and substantial financial incentives, between 10-30% of the monetary sanctions collected, for providing original information to the SEC about violations of the federal securities laws.  Mr. Thomas also played a critical role in the development, and served as the first National Coordinator, of the SEC's Cooperation Program.  This program encourages individuals and companies that may have violated the securities laws to participate in the SEC's investigations and enforcement actions. 

In recognition of his important contributions to these national initiatives, Mr. Thomas received the Arthur Mathews Award, which recognizes "sustained demonstrated creativity in applying the federal securities laws for the benefit of investors," and, on two occasions, the Commission's Law and Policy Award. 

"We are delighted for ourselves and our clients that Jordan decided to join Labaton Sucharow.  As an experienced and respected trial attorney with unique insight into the SEC's whistleblower program, Jordan adds another layer of sophistication and credibility to our whistleblower and securities litigation practices," said Lawrence A. Sucharow, Chairman of the Firm.  "Indeed, approaching the first anniversary of the Dodd-Frank Act, there couldn't be a better time to demonstrate our Firm's continuing commitment to secure remedies for victims of the virulent greed and misconduct that has so damaged the economy and eroded public faith in the markets." 

Building on Labaton Sucharow's market-leading securities class action and Delaware business law platforms, the Whistleblower Practice will leverage a world-class in-house team of investigators, financial analysts, and forensic accountants with federal and state law enforcement experience to provide unparalleled representation for clients.