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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.

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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
Three Pump & Dump Schemes to Write Home About
In a pump and dump scheme, perpetrators attempt to boost or “pump” the price of a stock they own (typically of small, so-called “microcap” companies) by spreading false, misleading or exaggerated statements to the market. The perpetrators then sell off or “dump” their positions after the false information raises the share price. The price typically...
Articles & Perspectives
May 5, 2020
How Does a Stock 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
How do insider trading schemes work? Put simply, insider trading occurs when someone executes a stock trade based on information that is unavailable to the general public. In many cases, corporate insiders have this kind of information—such as an upcoming merger or a pending announcement of a lucrative patent—and can use it to arrange a...
Articles & Perspectives
April 30, 2020
Examining the Surge in SEC Whistleblower Awards This Spring
Despite a global pandemic that has brought the American workplace to a virtual standstill, the Securities and Exchange Commission has been hard at work, announcing 10 whistleblower awards since the start of the year. This flurry of activity during the first four months of 2020 eclipses any other year since the whistleblower program was established....
Articles & Perspectives
December 4, 2019
The Incomparable Value of Service in Secret: Lessons from the SEC’s Office of the Whistleblower
NYU Law's Program on Corporate Compliance and Enforcement blog
Jordan Thomas, partner and chair of the SEC whistleblower representation practice at Labaton Sucharow, discusses the recent results of the SEC Whistleblower program, its impact on inspiring other nations to examine their measures to combat corporate misconduct, and what lies ahead for corporate whistleblowers in the future.
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 29, 2019
2019 Half-Time Report
The SEC Whistleblower Program: Where Wall Street Answers to Main Street
We are pleased to bring our clients and friends a midyear report to highlight key awards, trends and issues of import in the SEC whistleblower arena. It’s an exciting time for whistleblowers, and, by extension, investors at large. Since the program’s roll-out, the Commission has received nearly 30,000 tips from 119 countries. Most remarkable, as...
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
June 11, 2019
The Largest SEC Whistleblower Award in History: One Year Later
In a Q&A in the New York Law Journal, SEC whistleblower lawyer Jordan Thomas talks about his clients’ landmark bounty in an enforcement action involving Merrill Lynch. At $83 million, his three clients earned the largest SEC whistleblower award in the history of the program. Jordan also talks more generally about this important investor protection...
Articles & Perspectives
May 28, 2019
$4.5 Million Awarded to Tipster & Triggered Investigation
While much attention has been paid to the size of SEC whistleblower awards — with many complaints that sizable bounties encourage whistleblowers to bypass internal compliance protocols — the truth is, the program incentivizes employees to first report internally. Last week, the Commission announced a first-of-its-kind bounty exceeding $4.5 million for a whistleblower tip that led to an...
Articles & Perspectives
July 24, 2018
Spotlight: A Conversation with Dr. Patricia Harned
Corporate Whistleblower Watch
In March, Jordan Thomas spoke with Dr. Patricia J. Harned, CEO of the Ethics & Compliance Initiative (ECI). Dr. Harned oversees ECI’s research agenda and its networking and conference events. She also directs outreach efforts to policymakers and federal enforcement agencies in Washington, D.C and advises CEOs and directors on effective ways to build an...
Articles & Perspectives
Featured
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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