The Securities and Exchange Commission (SEC) has announced that is giving away a record $61 million award to two whistleblowers for helping make the case that JPMorgan Chase & Co. (NYSE:JPM) failed to disclose to wealthy clients that it was steering them into investments that would be most profitable for the bank, Bloomberg shared yesterday.
The SEC issued letters on Wednesday notifying six whistle-blower applicants of the preliminary decision. The letters said that two of them would share almost a quarter of the record asset-management settlement that the SEC reached with the bank in December 2015.
JPMorgan agreed to pay $307 million, with $267 million going to the SEC and $40 million to the Commodity Futures Trading Commission. The SEC wrote Wednesday that one person would receive 18% of the SEC portion of the settlement and the other 5%, which would translate to $48 million and $13 million.