SEC Report Shows Slow Start To Whistleblower Program

November 16, 2011

Jordan A. Thomas reacts to the number of tips reported to the SEC's Whistleblower Program.

Labaton Sucharow LLP partner and former SEC attorney Jordan Thomas said he was surprised by the low FCPA tip figure, and said the narrow seven-week snapshot underrepresented the number of FCPA whistleblower tips in play at the SEC.

"Commission officials have spoken about receiving numerous FCPA submission since the enactment of the Dodd-Frank," Thomas said. "I was a little surprised that the FCPA [figure was] not higher based on what I'm seeing based on the clients that are coming to me."

Thomas said California's spot on the top was unexpected. "After all, New York is the financial center of the world, and you would have expected to see more submissions there than elsewhere," said Thomas.