- 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.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
