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CFTC Investigates Banks for Potential Whistleblower Suppression

Posted on May 16th, 2024 at 10:26 AM
CFTC Investigates Banks for Potential Whistleblower Suppression

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.

Specifically, the CFTC is scrutinizing non-disclosure agreements within the swaps and clearing businesses of those banks, along with examining employment and customer agreements in those sectors, according to sources familiar with the situation cited in the report.

The inquiries align with the increased oversight by the U.S. Securities and Exchange Commission (SEC), which has been imposing fines on companies failing to adhere to whistleblower protection regulations. In a recent case from January, JPMorgan agreed to a $18 million civil penalty to resolve charges of violating whistleblower protection rules.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, cftc

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