JPMorgan’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.
Bloomberg News reports that 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.
JPMorgan agreed in December 2015 to pay a record $367 million asset-management settlement. That included $100 million that went to the CFTC, described as a $40 million monetary penalty and $60 million in disgorgement. The bank agreed to pay the SEC an additional $267 million.
Hit the link below to access the complete Bloomberg News article: