SEC Whistleblower Informants at J.P. Morgan to Split a $61 Million award!
The SEC Whistleblower Office is set to report its biggest SEC informant award to date – more than $61 million to two J.P. Morgan informants. Under the SEC's informant program, informants are qualified for grants when they provide information about illegal activities to the SEC for amount in excess of $1,000,000. For his services to the country, the informant may receive between 10% to 30% of the money collected, including interest, fines and any other penalty charged collected.
The Whistleblower informants provided information to the SEC, that prompt the Security and Exchange commission to investigate the activities of J.P. Morgan. The brokerage firm was accused of leading clients to invest without proper disclosure in its own proprietary investment products. J.P. Morgan consented to settle the accusations for $267 million with the SEC and and extra $40 million with the CFTC.
According to Zukerman Law: “The SEC’s Claims Review Staff recommended that two whistleblowers receive an award, one receiving 18% of the monetary sanctions collected and the other receiving 5%. The preliminary determination did not specify whether the awards would be based on the $267 million in fines assessed by the SEC, or if the awards would also include the CFTC’s $40 million penalty. Based on only the $267 million fine, one whistleblower would receive an award of $48 million, and the other would receive an award of nearly $13.5 million. This award of more than $61 million would far exceed the previous largest SEC whistleblower award of $30 million.”
The law dictate that the SEC protects the confidentiality of all informants and does not disclose information that might directly or indirectly reveal a whistleblower’s identity.
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