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The Securities and Exchange Commission is feeling unusually well-disposed toward whistleblowers these days. That’s good, because we have a suspicion that the recent flurry of new complaints is about to become an avalanche.

A former trader at Bank of New York Mellon Corp. —who alerted authorities to the bank’s pattern of overcharging big clients on currency trades—was awarded a $50 million whistleblower payment.

The award, the largest of its type made by the Securities and Exchange Commission, comes more than a decade after the trader, Grant Wilson, began assisting authorities with the currency-trading investigations….

Mr. Wilson assisted the government for two years while working as a currency trader at BNY Mellon… Mr. Wilson provided extensive documentation, including his descriptions of how the bank processed trades that resulted in client overcharges. BNY Mellon told customers its service was “free of charge” and designed to help clients “minimize risks and costs.”

That certainly takes some of the sting out of losing that $5 million bonus and having to sell his house, and should cover whatever debts he’s incurred to, you know, live over the last eight years.

Whistleblower Who Revealed Currency Abuses at BNY Mellon Gets $50 Million [WSJ]


Really only one reason to have a branch in Tallinn. By Pjotr Mahhonin [CC BY-SA 4.0 ], from Wikimedia Commons

Man Who Watched $233 Billion Laundered Has Never Seen Something As Awful As A British LLP

If Danske Bank had been incorporated under British law, well, you’d probably never have heard of Danske Bank.

(Getty Images)

SEC, Which Saw No Evidence Of Hedge Fund’s Fraud At First Glance, Sues Hedge Fund For Fraud

TCA Fund Management preferred the old, lazy, whistleblower-hating SEC.

One should be plenty, thanks. Joe Mabel [CC BY-SA 3.0], via Wikimedia Commons

BNY Mellon Downsizing In Advance Of Move To Disused Phone Booth In Jersey City

It took just four years for the custody giant to out-shrink its new digs.

(Getty Images)

So Maybe The SEC Does Need Whistleblowers’ Help?

One soon-to-be-defunct hedge fund was doing all sorts of allegedly improper accounting while the regulator watched.


Get Revenge On The Whistleblower Who Stopped You With This One Vindictive Trick

If you file for bankruptcy, you may lose everyone, but at least he or she will get nothing.