Blog & News

« Back to Main Blog Page

Related Content

Securities Fraud

The U.S. Securities and Exchange Commission (SEC) whistleblower program offers significant protections and financial awards to individuals or groups of...

Robert M. Thomas, Jr.

Bob Thomas been practicing law since 1986 and for the last sixteen years has been representing whistleblowers with his friend,...

Why Choose Us

When you choose us, you can trust us to put your case on the best possible footing to succeed. The...

Bob Thomas Quoted About SEC Whistleblowing in Law360

Law360 quotes Bob Thomas in its SEC whistleblowing piece “Publicizing Whistleblower Claims Doesn’t Always Pay Off.”  In particular, it discusses Harry Markopolos alleging $38 billion fraud by GE.  Markopolos may receive a reward for the report he gave to SEC.

He also reported the fraud in the news.  He joined with a hedge fund to profit from loss to GE stock based on his report.

Financial industry whistleblower Harry Markopolos, who has criticized delayed payouts from the SEC’s program, partnered with a hedge fund to release a report earlier this month alleging a $38 billion accounting fraud at General Electric Co. As part of their agreement with the unnamed hedge fund, those who prepared the report were eligible for a cut of any profits the hedge fund made by betting against GE stock, according to the report.

Markopolos’s actions are unusual. They can also be difficult for many whistleblowers to achieve. The article notes criticisms, including by Markopolos, of the time SEC takes to pay out rewards.

The article quotes Bob Thomas, a WLC attorney with deep SEC whistleblowing experience, who explains that some criticism stems from lack of familiarity.

I think it’s easy when you stand in one place to say, ‘Gosh, they should be doing better.’ But have you been in their shoes?” said Bob Thomas, co-founder of the Whistleblower Law Collaborative LLC.

As we always tell clients, being a whistleblower is hard.  It is important to have attorneys who understand the process, and can help navigate government programs. Preparation and experience is key.

 

Now On Twitter