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November 17, 2016

Posted  January 13, 2017

JPMorgan Chase & Co. will pay more than $264 million to settle charges that it won business from clients and corruptly influenced government officials in the Asia-Pacific region by giving jobs and internships to their relatives and friends in violation of the Foreign Corrupt Practices Act (FCPA).  JP Morgan will pay over $130 million to the SEC, $72 million to the Department of Justice, and $61.9 million to the Federal Reserve Board of Governors.  According to the SEC’s order, investment bankers at JPMorgan’s subsidiary in Asia created a hiring program for clients that bypassed the firm’s normal hiring process.  Lucrative, career-building employment with JPMorgan was awarded to candidates as a reward to client executives and influential government officials.  During a seven-year period, JPMorgan hired approximately 100 interns and full-time employees at the request of foreign government officials, enabling the firm to win or retain business resulting in more than $100 million in revenues to JPMorgan.  SEC

Tagged in: FCPA,