One of the more powerful rules enacted after the last financial crisis enables insiders of companies to step forward to identify possible fraud. Almost a year ago to the day, we documented the award to those helping to incriminate Merrill Lynch (Bank of America), today it is JP Morgan Chase. The U.S. Securities and Exchange Commission awarded a total of $50 million to a pair of whistle-blowers who provided information that helped the agency win a $267 million settlement in 2015 with JPMorgan Chase over claims that the bank failed to inform wealthy clients of conflicts of interest in managing their money.
Good on them for coming forward! We hope this law helps put a dent in the rampant criminal activity in the financial world. But if the SEC news feed is any indication, we've got a long way to go!