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You are here News Economy JPMorgan Whistle-Blowers Set to Reap Record $61 Million Bounty

JPMorgan Whistle-Blowers Set to Reap Record $61 Million Bounty

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JP Morgan whitleblowersTwo whistle-blowers are set to share a record $61 million award from the Securities and Exchange Commission for helping make the case that JPMorgan Chase & Co. failed to disclose to wealthy clients that it was steering them into investments that would be most profitable for the bank.

The SEC issued letters on Wednesday notifying six whistle-blower applicants of the preliminary decision. The letters said that two of them would share almost a quarter of the record asset-management settlement that the SEC reached with the bank in December 2015.

JPMorgan agreed to pay $307 million, with $267 million going to the SEC and $40 million to the Commodity Futures Trading Commission. The SEC wrote Wednesday that one person would receive 18 percent of the SEC portion of the settlement and the other 5 percent, which would translate to $48 million and $13 million.

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