JP Morgan Whistleblower to Receive $30 Million Award
By the C|C Whistleblower Lawyer Team
An unnamed whistleblower is set to receive a $30 million award from the Commodities Future Trading Commission (CFTC), according to Bloomberg, for reporting JPMorgan Chase & Co.’s failure to properly disclose that it was directing certain wealthy clients into investments that would be profitable for the bank. The conduct led to JPMorgan’s 2015 agreement to pay $367 million in sanctions, including $100 million to the CFTC and $267 million to the SEC.
The CFTC whistleblower award is not yet final. Bloomberg reports that it spoke with the applicant who will receive the full $30 million award. Four others applied for awards the CFTC denied in its preliminary order. The applicants have 60 days from the preliminary determination to appeal the Commission’s decision.
The SEC previously informed six whistleblower applicants that two would receive a combined $61 million for tipping the agency to the misconduct.
One of those whistleblowers, Edward Siedle, has since gone public. “The SEC and CFTC whistleblower programs are very much alive and working, the agencies have not backed away from them, and the highest awards in history are being announced,” Siedle said in a Forbes opinion piece published yesterday. “Whistleblower programs, which permit regulators to leverage their resources by responding to and rewarding insiders who bring details of wrongdoing to their attention, are a big win for consumers and investors alike.”