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November 15, 2016

Posted  December 27, 2016

JPMorgan Chase and its Hong Kong-based subsidiary JPMorgan Securities (Asia Pacific) Limited agreed to pay a combined total of roughly $265 million to resolve foreign bribery charges relating to JPMorgan’s so-called Sons and Daughters Program.  This was a scheme in which the bank secured large business deals in China by awarding prestigious jobs to relatives and friends of Chinese government officials.  As part of the settlement, JPMorgan agreed to pay the DOJ a criminal penalty of $72 million.  JPMorgan also agreed to pay the SEC roughly $130 million to settle charges that the bank’s conduct violated the Foreign Corrupt Practices Act.  The Federal Reserve System’s Board of Governors also assessed a $61.9 million civil penalty.  Whistleblower Insider

Tagged in: FCPA, Financial Institution Fraud,