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SEC Whistleblower Architect on the Problem With Frivolous Tips: SEC Roundup

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Welcome to SEC Roundup, a bi-monthly video series by Paul Hastings partners and former Securities and Exchange Commission Senior Trial Counsels Nick Morgan and Tom Zaccaro exploring current SEC topics with thought leaders and industry experts.

The SEC recently proposed to reverse a prior rule clarification that could limit whistleblower tip award amounts. Comments are due on the SEC’s plan by April 11.

In this episode, Morgan and Zacarro check in with Jordan Thomas, who was a principal architect of the SEC’s whistleblower program who now represents whistleblowers at SEC Whistleblower Advocates.

Jordan served as assistant director and assistant chief litigation counsel in the SEC’s Division of Enforcement from 2003 to 2011.

Morgan and Zacarro probe Thomas on what, if anything, should be done about frivolous tips, which have the potential to crowd out meritorious tips and use up scarce resources at the SEC and in the private sector.