A former trader at Bank of New York Mellon Corp. BK 4.60% —who alerted authorities to the bank’s pattern of overcharging big clients on currency trades—was awarded a $50 million whistleblower payment.
The award, the largest of its type made by the Securities and Exchange Commission, comes more than a decade after the trader, Grant Wilson, began assisting authorities with the currency-trading investigations, according to a person familiar with the matter. The bank paid $714 million in fines and other compensation in 2015 to resolve allegations it defrauded pension funds and other clients related to currency transactions.
‘Enforcement 40’ for 2020
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