SEC Awards Over $28 Million to Whistleblower

SEC

The Securities and Exchange Commission today announced an award of over $28 million to a whistleblower who provided significant information that aided the SEC in bringing a successful enforcement action.  The whistleblower internally reported information that prompted the company to initiate an internal investigation, and saved the staff time and resources by providing testimony and identifying a key witness.

“In the past month alone, the Commission has awarded four whistleblowers over $150 million for their important contributions to the Commission’s efforts to detect wrongdoing and protect investors and the marketplace,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.  “I hope our recent awards will continue to incentivize whistleblowers to come forward to report potential fraud or other wrongdoing.” read more »

JPMorgan warns of another potential regulatory fine tied to weak ‘internal controls’ at bank

CNBC

JPMorgan Chase said that just weeks after paying a record penalty it is facing another potential fine, this time over internal controls in wealth management and other areas.The bank disclosed the impending action late Monday in a filing, saying that one of its regulators told the New York-based company that it faced action “related to historical deficiencies in internal controls and internal audit over certain advisory and other activities.” read more »