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SEC gives biggest-ever whistleblower award for BofA settlement

Published 03/19/2018, 01:49 PM
© Reuters.  SEC gives biggest-ever whistleblower award for BofA settlement
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  • The SEC awarded $83M to three whistleblowers who aided in the $415M settlement with Bank of America (BAC -0.8%).
  • “These courageous executives are a shining example for other people on Wall Street with integrity and are likely to lead to an increase in corporate whistleblowing,” said Jordan Thomas, a lawyer who advises whistleblowers.
  • The 2016 case against BofA was regarding putting billions in customer assets at risk through misuse of cash and securities over a six-year period, to which the bank admitted wrongdoing.
  • Now read: Even Without The Law, Fiduciary Rule Awareness Remains


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