Bonus Watch ’14: JP Morgan Whistleblowers

Keith Edwards did pretty well for himself last year.

A whistleblower will be paid $63.9 million for providing tips that led to JPMorgan Chase & Co’s agreement to pay $614 million and tighten oversight to resolve charges that it defrauded the government into insuring flawed home loans. The payment to the whistleblower, Keith Edwards, was disclosed in a filing on Friday with the U.S. district court in Manhattan that formally ended the case. In the February 4 settlement, JPMorgan admitted that for more than a decade it submitted thousands of mortgages for insurance by the Federal Housing Administration or the Department of Veterans Affairs that did not qualify for government guarantees…Edwards, a Louisiana resident, had worked for JPMorgan or its predecessors from 2003 to 2008, and had been an assistant vice president supervising a government insuring unit. He originally sued in January 2013 under the federal False Claims Act, which lets individuals sue government contractors and suppliers for allegedly defrauding taxpayers. The U.S. Department of Justice later joined as a plaintiff.

JPMorgan whistleblower gets $63.9 million in mortgage fraud accord [Reuters]

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2 Responses to “Bonus Watch ’14: JP Morgan Whistleblowers”

  1. Guest says:

    That sum better be clawback material if any of said tips turn out less than truthful.

  2. Guest says:

    Not bad for a back office AVP.
    I was paid 100k to keep shut about a nazi loot.

    – UBS MD.