Compliance » Did JPMorgan Trump Up Charges Against Whistleblower?

Did JPMorgan Trump Up Charges Against Whistleblower?

December 15, 2015

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A former broker in an Arizona branch of JPMorgan says he was fired for refusing to push pricey JPMorgan financial products on unsophisticated clients. The bank says the reason was that he messed up some routine brokering procedures, and it cost a client $675. After he was fired the broker took his charges to the SEC, along with some recordings he says corroborate them. Soon thereafter JPMorgan send three customer complaints to be entered into his file with the Financial Industry Regulatory Authority, or Finra, by custom enough to get you blackballed from the industry, no matter if the complaints are confirmed. The real source of those complaints is something of a he-said-she-said story, up to a point, but some of the hard evidence, as reported in this narrative in the New York Times,  does not look good for the bank. Two of the complaints seemingly came off the same printer, and the named authors say they didn’t write them. The bank says there is a benign explanation for that. Meanwhile, JPMorgan may be about to pay as much as $200 million to settle SEC claims that it routinely engaged in behavior of the sort the whistleblower in this story had raised: pushing its own questionable products without adequate disclosures.

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