The SEC is expected to present the largest whistleblower award in its history – possibly $70.6 million or more to be shared by two whistleblowers in a case involving a former adviser at JPMorgan Chase – according to an SEC letter obtained by Financial Planning.
The forthcoming award is expected to be split between just two of six whistleblowers in cases that led to a record $307 million in regulatory fines against JPMorgan in 2015. The bank admitted it had been breaching its fiduciary duty for years by putting unwitting clients into the bank's own high-priced investments.
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