What the SEC Whistleblower Report Means for Companies
November 18, 2013
Jordan Thomas expresses optimism for the SEC's Whistleblower Program as it reaches its third year
The SEC released its Annual Report of the Whistleblower Office. Jordan Thomas provides his insight on what these findings mean for the Whistleblower program.
"These results tell me that after its third year that the whistleblower program is hitting its stride," Thomas said in an interview. "There is more awareness of the program and we believe it is much more effective, which is consistent with what we found in our own survey."
"This shows the effectiveness of the program," Thomas said, "these tips are specific, some that I know of have included tapes of high level executives and actual documentation of misconduct."
"This is the first part of the tidal wave of cases coming as a result of whistleblowers."
"It is disturbing that financial statement fraud is still the number one, but that seems to be the case in our practice here at Labaton," Thomas said.
"International submissions were up 18%," Thomas said of the SEC report, "and there was a 12% increase in countries that submitted."
"In summary, the report indicates that the whistleblower program is working well, word is getting out about it and more people are going to be speaking up," Thomas said.