Federal prosecutors and Treasury Department officials are reviewing whistleblower allegations against JPMorgan Chase. A former executive claims the bank improperly denied over $100 million in reimbursements to scam victims.
The whistleblower alleges JPMorgan intentionally classified customer losses as scams rather than fraud to avoid legal reimbursement obligations. The U.S. Attorney’s Office in Manhattan has received supporting documents and met with the former executive regarding these claims.
JPMorgan stated its internal investigation found no evidence of legal violations or wrongdoing. Authorities have not filed formal charges, and the current status of the investigation remains unclear.