– Three Merrill Insiders To Split $83 Million In Largest-Ever Whistleblower Award:
Who needs to work when you can just expose your boss’ criminal ways and retire with the “whistelblower” proceeds?
That’s the question three former Merrill Lynch insiders will ask themselves after their tips led to both a successful enforcement against parent company Bank of America in a $415 million settlement for engaging in complex transactions which allowed the bank to reduce the amount of client funds that had to be set aside in reserve accounts and – more importantly – the largest ever whistleblower award amounting to $83 million.
Two of the recipients will split a $50 million award, while a third person will receive $33 million for a tip in the same case.
The previous record was $30 million in 2014 – all done under an award provision under the post-crisis Dodd-Frank law.
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