- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-01-16T15:51:00
A subsidiary of JPMorgan Chase will pay an $18 million fine to the Securities and Exchange Commission (SEC) for allegedly violating the agency’s whistleblower protection rule in hundreds of settlement agreements with clients and customers.
From 2020-23, J.P. Morgan Securities required 362 clients receiving settlements or credits worth between $1,000 and $165,000 to sign confidentiality agreements containing language prohibiting them from affirmatively reporting any related misconduct by the bank to government or regulatory agencies, the SEC alleged.
The agreements prohibited the sharing of any information about the settlement and its underlying facts and all information regarding the account at issue, the SEC said.
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Seven public companies will pay a total of $3 million in fines for requiring employees to sign agreements containing provisions that impeded their ability to report misconduct to the Securities and Exchange Commission.
Broker-dealer Nationwide Planning Associates and two affiliated investment advisers impeded potential whistleblowers from reporting misconduct to the Securities and Exchange Commission and have agreed to settle the charges for a combined $240,000.
Two pairs of claimants will receive whistleblower awards totaling more than $98 million and $24 million, respectively, for information they provided to the Securities and Exchange Commission that led to an enforcement action.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
