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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
CFTC Awards $30Mn to JPMorgan Whistleblower
by Howard Haykin
The CFTC announced its 5th and largest ever whistleblower award – a payoff of approximately $30 million – for information that helped sanction JPMorgan Chase for failing to properly inform some wealthy clients about conflicts of interest behind its investment recommendations. Whistleblowers are eligible to receive between 10% and 30 % of any monetary sanctions collected.
The payment is linked to a December 2015 settlement that JPMorgan entered into with the SEC and the CFTC. JPMorgan agreed to pay $367 million of settle the regulators' charges that it had failed to disclose that it was steering asset-management customers into investments that would be especially profitable to the bank. The settlement amount was divvied up, as follows:
- $100 million to the CFTC ($40Mn in civil penalties, $60Mn in disgorgement).
- $267 million to the SEC (where a couple of preliminary whistle-blower awards totaling $61 million were authorized a year ago but still await final approval).
The $30 million award far eclipses the $10 million award granted by the CFTC in 2016.
[For information on JPMorgan's settlement, click on ... SEC: JPMorgan to Pay $267 Million for Disclosure Failures]