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The program stemmed from “a series of scandals that were either undetected or unreported, from Enron until the legislation was passed, including the Madoff scandal,” explained Jordan Thomas, chair of the whistleblower representation practice at [Jordan Thomas][prior firm].
After regulators and politicians asked themselves what would most help law enforcement be more efficient and effective, Thomas said the answer decided upon was “having actionable intelligence from insiders.”
He said the resulting program facilitating this “will deter people from engaging in fraudulent conduct, because the potential to be caught [with these laws in place] is so much higher.”