{"id":2836,"date":"2024-01-18T10:33:28","date_gmt":"2024-01-18T15:33:28","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=2836"},"modified":"2024-01-18T10:33:32","modified_gmt":"2024-01-18T15:33:32","slug":"a-different-twist-in-whistleblower-protection-enforcement","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/a-different-twist-in-whistleblower-protection-enforcement\/","title":{"rendered":"A Different Twist in Whistleblower Protection Enforcement"},"content":{"rendered":"<p>On January 16, 2024, the SEC announced a <a href=\"https:\/\/www.sec.gov\/files\/litigation\/admin\/2024\/34-99344.pdf\">settled enforcement action<\/a> against J.P. Morgan Securities LLC (JPMS) for violating whistleblower protection laws.\u00a0 As you can read in <a href=\"https:\/\/seciblog.pli.edu\/yet-one-more-violation-of-whistleblower-protection-rules\/\">this post<\/a>, we have blogged on a number of occasions about companies that have violated these laws by trying to restrict current and former employees from blowing the whistle.\u00a0 JPMS\u2019s case involves a very different situation, trying to restrict a customer\u2019s ability to blow the whistle.\u00a0 When advisory clients and brokerage customers received a credit or settlement of over $1,000 from JPMS, the company required them to sign an agreement to keep the details of the settlement and other information confidential.\u00a0 While the agreements permitted clients to respond to SEC inquiries, they limited their ability to blow the whistle to the SEC.<\/p>\n<p>In the <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2024-7\">Press Release<\/a> announcing the settlement, Enforcement Division Director Gurbir S. Grewal noted:<\/p>\n<p style=\"padding-left: 40px;\">\u201cFor several years, it (JPMS) forced certain clients into\u00a0the untenable position of choosing between receiving settlements or credits from the firm and reporting potential securities law violations to the SEC.\u201d<\/p>\n<p>You can read more about the settlement, in which JPMS entered into a cease and desist order, paid a $18 million fine and was censured, in the related <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2024-7\">Press Release<\/a> and <a href=\"https:\/\/www.sec.gov\/files\/litigation\/admin\/2024\/34-99344.pdf\">Order<\/a>.<\/p>\n<p>As always, your thoughts and comments are welcome!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On January 16, 2024, the SEC announced a settled enforcement action against J.P. Morgan Securities LLC (JPMS) for violating whistleblower protection laws.\u00a0 As you can read in this post, we have blogged on a number of occasions about companies that have violated these laws by trying to restrict current and former employees from blowing the &hellip; <a href=\"https:\/\/seciblog.pli.edu\/index.php\/a-different-twist-in-whistleblower-protection-enforcement\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">A Different Twist in Whistleblower Protection Enforcement<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[262,143],"tags":[],"coauthors":[154],"class_list":["post-2836","post","type-post","status-publish","format-standard","hentry","category-enforcement-news","category-hot-topic"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=2836"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2836\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=2836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=2836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=2836"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=2836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}