J.P. Morgan Securities To Pay $18 Mln For Violating Whistleblower Protection Rule : SEC

(RTTNews) - J.P. Morgan Securities LLC agreed to pay $18 million to settle charges that it violated whistleblower protection rules.

According to the U.S. Securities and Exchange Commission's order, from March 2020 through July 2023, J.P. Morgan Securities regularly asked retail clients to sign confidential release agreements if they had been issued a credit or settlement from the firm of more than $1,000.

The agreements required the clients to keep confidential the settlement, all underlying facts relating to the settlement, and all information relating to the account at issue. In addition, even though the agreements permitted clients to respond to SEC inquiries, they did not permit clients to voluntarily contact the SEC.