J.P. Morgan Securities to Pay $18 Million for Whistleblower Protection Violations
17 January 2024 - 1:38AM
Dow Jones News
By Ben Glickman
A JPMorgan Chase subsidiary will pay $18 million to settle
charges that it violated protections for whistleblowers.
The Securities and Exchange Commission alleged Tuesday that J.P.
Morgan Securities had prevented hundreds of advisory clients and
brokerage customers from reporting potential violations of
securities law to regulators with confidentiality agreements.
The SEC alleged that, from March 2020 to July 2023, J.P. Morgan
Securities asked retail clients who had been issued a credit or
settlement of more than $1,000 to sign agreements which required
them to keep confidential information related to the
settlement.
The SEC said the agreements did not allow clients to voluntarily
contact the SEC and violated the whistleblower protection rule.
J.P. Morgan Securities did not admit or deny the findings and
agreed to be censured, to cease and desist from violations and to
pay a $18 million civil penalty.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
January 16, 2024 09:23 ET (14:23 GMT)
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