Yesterday I wrote about Ted Siedle who was awarded $78 million in a whistleblower case. I received a lot of inquiries to know more about him and his whistleblower case. Here is some info on him and the case. Edward Siedle, is a former SEC lawyer who conducts forensic investigations of investment management firms and he was awarded $78 million that’s part of a $367 million settlement JPMorgan reached with the SEC and the Commodities Futures Trading Commission. Siedle, provided regulators with information on conflicts of interest in JPMorgan’s investment recommendations to its wealth management clients and then handled the whistleblower claims on his own behalf with both regulators.
“I’m the one who blew the whistle,” Siedle told the press. “I filed the original whistleblower complaint in 2011 and worked with the CFTC on it for several years.”
Siedle has confirmed he was the one who received both awards on his LinkedIn profile.
The $367 million settlement JPMorgan had reached with the CFTC and the SEC in December 2015 over failures to disclose that it had steered clients into investment products that were lucrative for the firm. As part of the settlement, JPMorgan agreed to pay $60 million in disgorgement and $40 million in penalties to the CFTC, according to the news service. The remaining $267 million went to the SEC, of which $61 million were preliminarily awarded to two whistleblowers.
In his Forbes column Siedle writes: I have been called “the Sam Spade of Money Management,” “the Financial Watchdog” and “the Pension Detective.” I was born Edward Ahmed Hamilton Siedle in Trinidad, British West Indies and grew up in Trinidad, Venezuela, Panama, Peru, England, Uganda, Egypt and the U.S. I am a former SEC attorney, former Legal Counsel and Director of Compliance to Putnam Investments. For over 20 years, I owned securities trading and investment banking firms. My firm, Benchmark Financial Services, Inc. and I have pioneered over $1 trillion in forensic investigations of the money management industry. I am nationally recognized as an authority on pensions and investment management matters, having testified before the Senate Banking Committee regarding the mutual fund scandals and as an expert in various Madoff and other litigations. I am an active member of the Florida Bar. In 2017, I received the largest SEC whistleblower award (preliminary determination) in history.