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.