Articles & Perspectives

With more than a century of combined experience prosecuting some of the most complex securities frauds in history, our team possesses expansive knowledge on topics ranging from legal and regulatory frameworks, corporate governance and ethics, to auditing reform, in-house compliance systems and internal investigations. As a result, we are regularly called upon both to author and comment on sophisticated topics for major media and, as bloggers for our own audience, to examine top-of-mind issues with a fresh and substantive perspective.

January 14, 2021
Jay Clayton’s Legacy At Risk Because He Either Didn’t Read Or Didn’t Care About The Law
This Jan. 14, 2021 Dealbreaker article by Jon Shazar is highly critical of former SEC Chairman Jay Clayton and rule changes he spearheaded at the end of his tenure concerning whistleblower award determinations. Against that backdrop, the author highlighted the litigation brought by Jordan Thomas challenging the SEC’s statutory authority to make these rule changes....
Articles & Perspectives
January 12, 2021
Whistle-Blowing Soars to Record With Americans Working From Home
On Jan. 12, 2021, Bloomberg ran a story by authors Matt Robinson and Ben Bain about a surge in whistleblowing tips received by the SEC since the outbreak of Covid-19 and the resulting widespread lockdown in the country. The number of tips received by the SEC in its last fiscal year, which included the beginning...
Articles & Perspectives
November 20, 2020
‘Whopper of a Factor’: Pandemic Fueled Incoming Tips, and Clients, Whistleblower Lawyers Say
The National Law Journal
A Jordan Thomas quote was used for the title of a Nov. 20, 2020 National Law Journal article by C. Ryan Barber, about how the COVID-19 pandemic led to an increase in the number of whistleblowers coming forward. Jordan’s “whopper” that he described was the vulnerability felt by employees in a time of major upheaval....
Articles & Perspectives
October 28, 2020
‘Hug Your Whistleblower,’ Former SEC Attorneys Advise
Law360 released an article by Dean Seal on Oct. 28, 2020 reporting on the Securities Enforcement Forum 2020, emphasizing a message that a panel including Jordan Thomas had imparted. As the title suggests, the message was that companies should be grateful and honor any whistleblowers who report wrongdoing on a company’s part. As set forth...
Articles & Perspectives
September 30, 2020
SEC approves ‘diluted’ proposed changes to whistleblower program
By Zack Fishman for Fastinform The U.S. Securities and Exchange Commission voted on Wednesday to update its whistleblower program, approving changes that were “diluted” from initial proposals to cap awards and tighten deadlines, a securities law expert said. The securities regulator has offered incentives to individuals who flag corporate fraud with a goal of protecting...
Articles & Perspectives
September 24, 2020
SEC Rule A Bittersweet Victory For Whistleblower Advocates
Jordan Thomas was quoted in a Sept. 24, 2020 Law360 article by Al Barbarino about new changes to the rules of the SEC whistleblower program. The article discussed the differing opinions and representations about the new rules, which are presented as a mixed bag. For whistleblower advocates, one supposed victory was that a proposed rule...
Articles & Perspectives
September 23, 2020
‘A Sleight of Hand’: Whistleblower Lawyers Recoil at SEC’s New Rules
The National Law Journal
The National Law Journal published an article on Sept. 23, 2020 by C. Ryan Barber including reactions of the private bar to new rules for the SEC whistleblower program. Jordan Thomas was consulted and his quotes used in anchor position. The article discusses the adoption of the new rules by a “party line” 3-2 vote,...
Articles & Perspectives
September 1, 2020
Messrs. Jones and Smith Go to the SEC: How Anonymity Protections Led Two Outside Analysts to Report Fraud
On September 1, 2020, two clients represented by Jordan Thomas were awarded $2.5 million for reporting misconduct at Orthofix International N.V. The case is an important one for a number of reasons. First, it challenges the common–and dangerous–myth that a whistleblower is a disgruntled and vindictive employee. Here, the whistleblowers were outsiders with no connection...
Articles & Perspectives
May 18, 2020
Who is an SEC Whistleblower?
To have a better understanding of the background of a whistleblower, select which statement is true? An SEC whistleblower can have no direct relation to the company at issue. An SEC whistleblower can be a C-suite executive. An SEC whistleblower can live in China. An SEC whistleblower can report the tip anonymously. An SEC whistleblower...
Articles & Perspectives
May 8, 2020
Pump & Dump Schemes Examples to Write Home About
Having knowledge of a pump-and-dump scheme can make you eligible for the SEC Whistleblower Program. Examples of Pump & Dump Schemes Here are three examples of recent pump and dump schemes that highlight the frightening potential for fraudsters to harm investors and wreak havoc within the financial markets. A Two-Pronged Scam Burns Investors Twice In...
Articles & Perspectives
May 5, 2020
How Does a Market Manipulation Scheme Actually Work?
Bad guys can play the market in so many ways, creating elaborate fictions worthy of the grandest literary prizes. These schemes often involve multiple ways to ‘fly below the radar,’ such as utilizing various brokerage accounts, false names, shell companies and the like. In many cases, the thieves craft elaborate ways to add credibility to...
Articles & Perspectives
May 5, 2020
5 Notorious Insider Trading Cases from the Last Decade
Having knowledge of insider trading can make you eligible for the SEC Whistleblower Program. From Michael Milken and Martha Stewart to everyday people who can’t resist the temptation of an easy payout, cases of insider trading have made splashy headlines and led to serious SEC enforcement actions for decades. In recent years, the SEC has...
Articles & Perspectives
December 2, 2019
Understanding the Factors that Determine an SEC Whistleblower Award: Opportunities & Outcomes
Jordan A. Thomas As the SEC Whistleblower Program grows in awareness ($387 million in awards to date is pretty good advertising) more and more individuals explore the investor protection initiative that provides eligible whistleblowers monetary incentives and employment protections with the comfort of anonymous reporting. The program has been such an unmitigated success that between...
Articles & Perspectives
July 23, 2019
SEC Whistleblower Program Surpasses $2 Billion in Monetary Sanctions With Latest Whistleblower Award
The Securities and Exchange Commission (SEC) awarded a half-million dollars “to an overseas whistleblower whose expeditious reporting helped the Commission bring a successful enforcement action.” The Commission’s press release further reports that, with this and other recent enforcement actions brought as a result of tips from SEC whistleblowers, the SEC Whistleblower Program has yielded more than $2...
Articles & Perspectives
July 24, 2018
Private: Dashboard: Fast Facts from the ECI’s 2018 State of Ethics & Compliance in the Workplace
Corporate Whistleblower Watch
47% of employees said that within the last 12 months they observed conduct that either violated organizational standards or the law. 69% of employees reported the misconduct that they observed. 44% of employees who reported misconduct experienced retaliation, double the figure in 2013. 16% of employees experienced pressure to compromise standards 40% of employees believed...
Articles & Perspectives
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