The Wall Street Journal identified the recipient as Grant Wilson, a former trader at Bank of New York Mellon. He provided detailed information to the SEC alleging the bank regularly overcharged major institutional clients in foreign currency transactions. The information led to BNY Mellon settling charges with the SEC for $163 million and with New York state for $714 million.

Another recipient, Ted Seidle, who received part of a nearly $50 million joint SEC award in 2018, publicly identified himself. Seidle is a former SEC lawyer who became a forensic investigator, and said he received his award for providing information that led to JPMorgan Chase paying the government $267 million in 2015 to settle conflict-of-interest charges.

Siedle also obtained the largest CFTC whistleblower award so far, $30 million, for his share of monetary sanctions the commission collected in the JPMorgan Chase settlement.

State securities regulators are also working to enhance their state whistleblower programs, they said at the Friday event. So far, only three states have such programs: Utah, Indiana and Montana.

The North American Securities Administrators Association approved its Model Whistleblower Award and Protection Act last August. The model law gives a state’s securities regulator the authority to make awards of up to 30% of the monetary sanctions collected in administrative or judicial actions.

The model act also protects the confidentiality of those who come forward, prohibits retaliation by an employer against an employee who reports the misconduct, creates a cause of action, and provides relief for whistleblowers retaliated against by their employer.

“NASAA members recognize the value of whistleblower complaints,” said Lisa A. Hopkins, the association’s president, in a statement.

Hopkins, who is also the senior deputy securities commissioner and general counsel with the West Virginia auditor’s office, added, “Our intent with the model whistleblower act has been to provide a safe environment for individuals to come forward to report potential conduct to state securities regulators.”

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