Jordan A. Thomas describes JPMorgan as a bank that lost its ethical way, after exposing its fraudulent proprietary funds practices
On Friday, December 18, 2015, JPMorgan agreed to pay a settlement of $307 million total with the SEC and CFTC for not properly disclosing fees and conflicts involved in the bank's practice of improperly putting clients into its proprietary funds. Along with the settlement, JPMorgan admitted to its wrongdoing.
The information regarding the bank's fraudulent practices was revealed by a whistleblower, represented by Labaton Sucharow. According to the Firm's Chair of Whistleblower Representation Practice, Jordan A. Thomas, this scandal might be "the largest and highest profile enforcement action initiated by an SEC Whistleblower." Thomas described JPMorgan and the case as "a storied financial institution that lost its ethical way by pursing market share in a highly lucrative business segment."