SEC Invites Whistleblower Claims in JPM Mortgage Settlement

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SEC Invites Whistleblower Claims in JPM Mortgage Settlement

SEC Invites Whistleblower Claims in JPM Mortgage Settlement

Makes one wonder if these documents were part of the 9,000 fraud documents the SEC destroyed? LETTER | SEC Destroys Over 9,000 Fraud Documents Involving Goldman Sachs, Madoff, Bank of America, Citigroup, Credit Suisse, Deutsche Bank, Lehman, Morgan Stanley, Wells Fargo

American Banker-

Individuals who blew the whistle on a mortgage fraud scheme that ended up costing JPMorgan Chase (JPM) $296 million in fines have about three months to prove that their information helped lead to the settlement with federal regulators.

JPMorgan Chase agreed to pay the fines to resolve allegations that it and Bear Stearns, which it acquired in 2008, misled investors about the quality of mortgage-backed securities they sold during the run-up to the financial crisis.

Whoever can show they provided information that enabled the Securities and Exchange Commission to extract a pledge by the nation’s biggest bank has until May 9 to document how he or she helped regulators enforce laws that led to the settlement, the SEC said Friday.

[AMERICAN BANKER]

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