Ilya Eric Kolchinsky may be familiar to you, as he testified in Congress about the flawed rating model used by Moody's, his former employer. He just filed suit against the company, accusing it of retaliating for voicing concerns and claiming that he had been blackballed on Wall Street.

Kolchinsky's dispute began in 2007, when he questioned the CDO rating mode, reports the New York Times. He says his concerns prompted some internal changes. But he was transferred to another unit, and he filed a company complaint about that. In 2008, he again complained about the CDO model, calling the firm's rating method "irresponsible," reports the Times.

The following year, Kolchinsky sent a 14-page memorandum about ratings on specific issues to the company's compliance group. He was then suspended, and he left the firm. Kolchinsky later testified about ratings problems for the House Committee on Government Oversight and Reform.

The issue is whether we will see more whistleblowers step forward on Wall Street. Dodd-Frank certainly encourages people to come forward, dangling some large potential rewards. My sense is that more people will be willing to roll the dice.

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