SEC Gives More Than $600,000 to Whistleblower in Retaliation Case

Jordan A. Thomas recently commented on a case in which the U.S. Securities and Exchange Commission (SEC) gave its highest possible award to a hedge fund adviser whistleblower, capitalizing on the firm’s retaliation against him to send another welcoming message to would-be whistleblowers and a warning to companies. The SEC last year charged the hedge fund advisory firm with engaging in prohibited principal transactions and then retaliating against Mr. Nordgaard, who had reported the activity to the SEC.

“We are very pleased, but not surprised, the SEC granted our application for the maximum possible award under the SEC whistleblower program, as our client was instrumental in the commission’s detection, investigation and prosecution of Paradigm’s wrongdoing,” Thomas said.