INDIANAPOLIS, Ind. — Indiana Secretary of State Connie Lawson, has delivered the first whistleblower award in Indiana history. The $95,000 award is the maximum allowed under the law, ten percent of the settlement amount.
The award was made following a $950,000 judgement against JP Morgan for numerous disclosure violations. In October 2014, the whistleblower worked through an attorney to inform state officials about the improprieties. The investigation revealed JP Morgan did not properly inform clients about outside options while depositing funds into discretionary accounts.
“This case is the perfect example of why the whistleblower statue is in place,” said Secretary Lawson. “Without this individual coming forward, the office would not have uncovered this issue and Hoosiers would still be at risk. Thanks to Indiana law, we are able to provide a safe environment for individuals to come forth and protect Hoosiers from wrongful securities practices.”
The whistleblower statute was enacted in 2012 and protects individuals who report potential violations of the Indiana Uniform Securities Act.