JPMorgan Whistle-Blowing Case Resulted in Record $30 Million Award
- CFTC’s record award follows bank’s disclosure failures
- Florida lawyer acknowledges receiving payout in case
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JPMorgan Chase & Co.’s failure to properly inform some rich clients about conflicts of interest has resulted in a record $30 million whistle-blower award by U.S. futures regulators.
The Commodity Futures Trading Commission will pay out that amount for tips received in the case, in which the bank didn’t properly disclose that it was steering asset-management customers into investments that would be profitable for the bank, according to a person familiar with the matter.