FINRA And Jpmorgan Pursue Whistleblower for $624 (Not A Typo) Loss

FINRA, the monetary market’s self-regulator frequently implicated of favoritism towards its big member companies, has submitted a case versus a whistleblower on behalf of JPMorgan Chase over a simple $624 customer loss.

RIA Johnny Burris has been involved in a four-year conflict with the bank, his previous company, which he states forced him to press his customers into the bank’s own or preferred financial investment items. JPMorgan, and now FINRA, implicate Burris of triggering the loss and overlooking to make his superiors knowledgeable about the issue.

The regulator submitted the action versus Burris, a previous broker with JPMorgan in Sun City West, Arizona, recently.

Burris stated he’s invested more than $100,000 safeguarding himself in arbitration and whistleblower cases up until now. He approximates FINRA’s case might cost him another $60,000.

FINRA submitted its grievance versus Burris with its Office of Hearing Officers. FINRA calls these officers “neutral adjudicators of disciplinary cases” who nevertheless work for FINRA. Simply put, FINRA will be hearing its case versus Burris, who might need to spend for the procedures.

” Are you major?” securities lawyer and regular FINRA critic Bill Singer asks. “Do we wish to motivate whistleblowers or do we wish to gather $600? This provides … the look that FINRA is striking back versus this man so they can squash whistleblowing.”.

JPMorgan referred concerns about the case to FINRA.

” The problem promotes itself,” FINRA spokesperson Michelle Ong composed in an e-mail. “These are really severe offenses. … FINRA does not submit a protest unless it has strong need to think there are offenses at its core. FINRA has actually continued with this case as we would other comparable matter.” Ong did not elaborate when asked to describe why FINRA concerns the supposed offenses in the event as “really major.”.

In 2012, Burris implicated the bank of pressing preferred items– either JPMorgan’s own financial investments or outdoors ones such as hedge funds that paid the bank high charges. He thought about those financial investments too costly or too dangerous for his senior customers. 5 months after he chose not to comply and challenged the company’s financial investment policy in composing, the bank laid him off.