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While the President has expressed an unfavorable opinion of the Dodd-Frank Wall Street Reform and Consumer Protection Act, it’s unlikely that he will to get rid of the Securities and Exchange Commission’s Whistleblower Program.
Partner and Whistleblower Chair Jordan A. Thomas told Business Insurance, “It’s been wildly successful, so I think it will be difficult for folks to take apart.” He noted that the person named as SEC chairman and director of enforcement will be judged on the number of enforcement actions and sanctions they bring.
Thomas also discussed his personal experience in whistleblower matters and mentions that among the factors considered in order to accept a whistleblower as a client are whether they are insiders or outsiders, if there is a securities violation and, if so, how significant. “It needs to be a significant matter,” he said. “We definitely meet with people in most cases,” and it is common for them to bring documents, some of which are corporate documents. When asked about the length of time between the whistleblower’s first phone call and a check, Thomas said, “less than five years would be a good outcome.”