In Law360, Chair of the Labaton Sucharow Whistleblower Representation Practice, Jordan A. Thomas continued to caution whistleblowers of the risks of going public with their findings. Harry Markopolos, who exposed Bernie Madoff's Ponzi scheme in the early 2000's, has been so frustrated with the SEC's whistleblower award process that he has taken his findings to the public instead, publishing a report alleging a $38 billion accounting fraud at General Electric Co. But, according to Jordan, Markopolos might be setting an example that may be detrimental for those thinking about following suit.

"In a world where SEC whistleblowers become frustrated and no longer have confidence in the awards process, then they are more likely to pursue alternate paths like Mr. Markopolos," but "taking that route is rarely in anyone's best interest. When allegations go public, companies tend to deny wrongdoing, making it more difficult for them to ultimately settle with the SEC," and "publicizing claims could also harm investors by sowing confusion." Jordan continued, "our financial markets have been built around the idea of investors being given accurate information to make their investment decisions, and this uncertainty is problematic for them."

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