Fired federal investigators supported adviser's claim against JPMorgan

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Fired federal investigators supported adviser's claim against JPMorgan

By Ann Marsh - December 09 2016, 8:03pm EST

Two former federal investigators say they supported a whistleblower claim by former JPMorgan Chase broker Johnny Burris about the systematic pushing of high-priced investment products – that is, before they, too, were fired.

The handling of Burris’ case points to broader problems that go back nearly three decades with the federal government's failure to protect whistleblowers in financial services, as well as other industries. The path Burris has followed as a whistleblower is the same one traced by dozens, if not hundreds, of other whistleblowers in financial services – such as the Wells Fargo employees who sought to expose the bank's practice of opening fraudulent client accounts – in seeking both redress and protection under federal laws.

Three years after he first alerted the government about the problems at JPMorgan and his firing, Burris finds himself stuck in limbo – unsure if and when he will receive compensation or protection from the federal government under whistleblower laws.

One year ago, JPMorgan admitted wrongdoing for engaging in a nationwide sales practice that caused "significant harm" to clients, according to the SEC. The firm paid $307 million in regulatory penalties, not for actions in the Burris case specifically, but for the same kind of product pushing that he accused the bank of engaging in three years earlier. The case was the SEC’s largest last year and the fines paid by JPMorgan were substantially higher than the $185 million Wells Fargo paid in regulatory penalties over the unauthorized accounts...

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http://www.financial-planning.com/news/ex-federal-investigators-supported-rias-whistleblower-claim-against-jpmorgan