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(Reuters)   Employee who blew the whistle on a $615 Million VA loan fraud scam by JP Morgan gets a $64 million reward. Using employee greed to motivate them to uncover and report corporate wrongdoing? This. Could. Work   (reuters.com) divider line 32
    More: Interesting, JPMorgan Chase & Co., VA loan, american taxes, fake, mortgage fraud, Federal Housing Administration, whistleblowers, misconduct  
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1893 clicks; posted to Business » on 10 Mar 2014 at 1:25 PM (40 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



32 Comments   (+0 »)
   
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2014-03-10 10:14:48 AM  
I'm worried that this guy might end up having a one-car "accident".
 
2014-03-10 10:17:37 AM  
And the government actually paid him?

He must have been smart enough to hire a lawyer before he even started.  Usually the government welches on these deals (or worse).
 
2014-03-10 10:19:05 AM  

Sir Cumference the Flatulent: I'm worried that this guy might end up having a one-car "accident".


No need for an accident.  That mistake he made three years ago on his schedule "C" is enough to strip him of the award, and if he makes a fuss they just throw him in a federal pen for five years.

Problem solved.
 
2014-03-10 10:30:22 AM  
There needs to be some reward. A high profile whistle blower will never work again.
 
2014-03-10 10:42:31 AM  
I think this part of the law has been on the books since Congress passed federal whistleblower protection laws in the 1990s.
 
2014-03-10 11:02:36 AM  

Nabb1: I think this part of the law has been on the books since Congress passed federal whistleblower protection laws in the 1990s.


I think you're right.  I think there's been links here before about whistleblowers taking home millions although not near anything like the on in TFA.  $6 to $10million isn't out of the ballpark.   This Guy won a record $104 million in 2012
 
2014-03-10 11:31:48 AM  

Nabb1: I think this part of the law has been on the books since Congress passed federal whistleblower protection laws in the 1990s.


When I worked for the VA way back when I thought there was a deal where you'd get 10% of savings for recommending a cost-saving measure.
 
2014-03-10 01:33:20 PM  
Bankers are like wise guys. They can make money while doing hard time. So the secret is to take their money away from them and give it to the honest people who turned them in to the authorities.
 
2014-03-10 01:35:27 PM  
So what will Dimon's bonus look like this year?  Double- or triple- digits?
 
2014-03-10 01:37:28 PM  

kcoombs69: Nabb1: I think this part of the law has been on the books since Congress passed federal whistleblower protection laws in the 1990s.

I think you're right.  I think there's been links here before about whistleblowers taking home millions although not near anything like the on in TFA.  $6 to $10million isn't out of the ballpark.   This Guy won a record $104 million in 2012


1990s? More like 1863:  http://en.wikipedia.org/wiki/Qui_tam#False_Claims_Act

Here's a firm trolling for leads on Medicare/Medicaid fraud.  They have a list of cases they've won, involving billions of dollars of billing shenanigans, kickbacks, and improper marketing of off-label usage.    http://www.quitam-lawyer.com/verdicts-settlements.html
 
2014-03-10 01:41:24 PM  
The reward for the whistleblower is great, but has there been any penalty yet for JP Morgan?
 
2014-03-10 01:49:00 PM  

Marcus Aurelius: And the government actually paid him?

He must have been smart enough to hire a lawyer before he even started.  Usually the government welches on these deals (or worse).


Citation?
 
2014-03-10 01:56:53 PM  

qorkfiend: The reward for the whistleblower is great, but has there been any penalty yet for JP Morgan?


Not until JP Morgan quits buying off our Presidents and Congress.
 
2014-03-10 02:10:45 PM  

Sir Cumference the Flatulent: I'm worried that this guy might end up having a one-car "accident".


Heh. I saw that episode of Law & Order. Only there were two whistleblowers and one of them wanted to give the reward money to charity, so the other one drugged her, which led to a head-on collision that killed her...plus her daughter, her teo nieces, and three people in the other car.

/RIP Briscoe
 
2014-03-10 02:11:57 PM  

qorkfiend: The reward for the whistleblower is great, but has there been any penalty yet for JP Morgan?


Welll the reward came from the more than Half a billion they had to cough up to the VA so yeah, a 10 to 1 ratio, and I can live with that
 
2014-03-10 02:18:07 PM  

Marcus Aurelius: And the government actually paid him?

He must have been smart enough to hire a lawyer before he even started.  Usually the government welches on these deals (or worse).


The government can't welsh under the False Claims Act. What usually happens that gets people not paid is the government takes over the suit as lead plaintiff and either muffs it or unaccountably settles for a small sum.
 
2014-03-10 02:28:39 PM  
OK, subby, but that's like $40M after taxes.
 
2014-03-10 02:34:56 PM  
Imagine if someone had offered Snowden that kind of money.
 
2014-03-10 03:07:23 PM  
How much will Snowden and that army guy get?
 
2014-03-10 03:32:12 PM  

qorkfiend: The reward for the whistleblower is great, but has there been any penalty yet for JP Morgan?


First sentence of TFA
 
2014-03-10 03:32:58 PM  

foo monkey: OK, subby, but that's like $40M after taxes.


Maybe less, if you take municipal and state taxes into account.  So, perhaps $30 million.  Pfffft, not even worth it. Yet another example of taxes = slavery, legal theft.
 
2014-03-10 03:58:50 PM  
They must throw some pretty wild company parties.
 
2014-03-10 04:02:23 PM  

foo monkey: OK, subby, but that's like $40M after taxes.


I'm be ok with $40M.
 
2014-03-10 04:05:53 PM  

qorkfiend: The reward for the whistleblower is great, but has there been any penalty yet for JP Morgan?


lol,

oh you were serious...

I'm sure the corporation will maybe get a fine while the guys who actually run things don't even notice.
 
2014-03-10 04:26:03 PM  
Reminds me of the the company that paid for each bugfix in the source code. One programmer bought another a minivan with that, if you get what I mean.
 
2014-03-10 04:39:41 PM  
The banks aren't paying enough hush money to their potential whistleblowers.

Yet.
 
2014-03-10 04:40:24 PM  

wildcardjack: Reminds me of the the company that paid for each bugfix in the source code. One programmer bought another a minivan with that, if you get what I mean.


www.djibnet.com

?
 
2014-03-10 05:37:59 PM  

nocturnal001: qorkfiend: The reward for the whistleblower is great, but has there been any penalty yet for JP Morgan?

lol,

oh you were serious...

I'm sure the corporation will maybe get a fine while the guys who actually run things don't even notice.


the whistleblower reward is usually in the ballpark of 10% of the penalty assessed.  so, other than reading the article which clearly stated that Chase would pay over 600 million, you could have guessed a close estimate by multiplying the reward x10.
 
2014-03-10 05:53:27 PM  
Breaking news!!! Qui tam lawsuits allow people to collect a percentage of recovery on actions for fraud against the government!!!  For the last 150 years!!!

///the amount and the defendant in this case do make it newsworthy, I'll admit
 
2014-03-10 06:52:59 PM  

Parthenogenetic: foo monkey: OK, subby, but that's like $40M after taxes.

Maybe less, if you take municipal and state taxes into account.  So, perhaps $30 million.  Pfffft, not even worth it. Yet another example of taxes = slavery, legal theft.


3.bp.blogspot.com
Do you trust your wife?
 
2014-03-11 09:02:41 AM  

steveGswine: Imagine if someone had offered Snowden that kind of money.


Snowden's fellow patriots, Hanssen and Ames, received substantial compensation for blowing the whistle on illegal American activities overseas.

Sadly, Fartbama continues to keep these political prisoners jailed.
 
2014-03-11 10:07:38 AM  

Marcus Aurelius: Usually the government welches on these deals (or worse).


[Citation needed]

I can't recall a sucessful qui tam action where the government "welched" on the deal. In fact, under the False Claims Act, they can't.
 
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