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Labaton Sucharow Whistleblower Head Jordan Thomas on why the new whistleblower rules will help reduce the number of scandals and improve the SEC’s i...
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New data out showing more whistle blowers are coming forward we've got a former SEC attorney who says the new whistle blower protection rules are creating record numbers of investigations Jordan Thomas is the -- of whistle -- practice.
At lab Thomson -- it's great to see you Jordan let's get right to it.
What does this mean for anybody who's sitting up their company saying I've seen something go bad here and wrong behavior.
Will they be more protected.
Yes after Dodd-Frank whistle -- now have potential whistle blower is now have enhanced protections in significant monetary.
Awards eligibility and the ability to to report things anonymously.
How have the various scandals of Stanford scandal to Bernie -- -- how they affected.
Whistle blowers that do you think they think it's made them a little war -- ready to go forward and and spill the beans are not.
But I think those scandals -- who reflect the lack of adequate protections and incentives and so now with these new.
Incentives and protections I expected you're gonna see if you were a significant scandals and they're gonna be just any sort of misconduct it's -- discovered earlier.
Well in the case of Bernie Madoff it was not lack of incentive it was a lack of follow up on behalf of the SEC with Harry -- -- policy basically handed the SEC a map -- a flashlight considers how you find the guided in follow.
Is the SEC committed to following up on these up whistle blower comments.
I can tell you having been at the SEC recently dot com and working with the SEC.
As in private practice the SEC is very committed to working with that whistle blowers and the efficacy -- two years ago or three years ago is -- is no longer.
It's a new SEC -- it is a new SEC -- we're gonna see stronger enforcement has made many bills that what we don't need are more rules what we need a stronger enforcement.
Well the answer is yes you -- you will see stronger enforcement one of the common criticisms.
Of the SEC and other law enforcement authorities as they don't take out the and prosecute senior people.
Well one of the challenges that law enforcement had as they've lacked actionable intelligence.
I'm with the help of whistle blowers the FCC is investigating and will likely prosecute.
More senior people along with the Department of Justice terrific -- Jordan Thomas thank you so much good to see you Jordan thank you have a good weekend good work that the threat.
