{"id":6069,"date":"2016-11-17T18:58:28","date_gmt":"2016-11-18T00:58:28","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1236"},"modified":"2016-11-17T18:58:28","modified_gmt":"2016-11-18T00:58:28","slug":"jpmorgan-chase-agrees-pay-264m-resolve-foreign-corrupt-practices-act-charges","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-agrees-pay-264m-resolve-foreign-corrupt-practices-act-charges\/","title":{"rendered":"JPMorgan Chase Agrees to Pay Over $264M to Resolve Foreign Corrupt Practices Act Charges"},"content":{"rendered":"

\t\t\t\tTo settle civil and criminal charges alleging violations of the Foreign Corrupt Practices Act, JPMorgan Chase (JPM) <\/a>will pay more than $264M: $130M to the U.S. Securities and Exchange Commission, $72M to the U.S. Department of Justice, and $61.9M to the Federal Reserve Board of Governors. The settlements come following a probe that went on for several years into the bank\u2019s hiring practices in Asia.<\/p>\n

As part of the agreement,\u00a0JPMorgan Securities (Asia Pacific) Limited (JPMorgan APAC) <\/a>admitted that it established the \u201cSons and Daughters\u201d referral program\u00a0in 2006\u00a0to give preference to job candidates with ties to upcoming client deals. According to authorities, the bank hired 100 interns and full-time employees because foreign officials referred them. Some of these referrals were relatives of these officials. In order to be hired, a candidate had to have direct ties with a \u201cbusiness opportunity.\u201d \u00a0The Justice Department has called the program \u201cbribery.\u201d<\/p>\n

The DOJ\u2019s release\u00a0reports that among the admissions made related to the resolution was that in 2009, a Chinese government official told a senior\u00a0JPMorgan APAC \u00a0banker that if a certain referred candidate were hired this would \u201csignificantly influence\u201d the role the bank would have in an upcoming IPO for a company owned by the Chinese state. The banker notified senior colleagues, who spent several months attempting to bring the candidate into an investment banking position in New York.\u00a0Even though this referred candidate did not have the qualifications for the job, senior JPMorgan APAC bankers created a position for this individual, and the bank was granted a lead role in the initial public offering. JPMorgan APAC also admitted that referred candidates were given the same salary and titles as entry-level investment bankers even though their tasks were \u201cancillary,\u201d such as proofreading.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

To settle civil and criminal charges alleging violations of the Foreign Corrupt Practices Act, JPMorgan Chase (JPM) will pay more than $264M: $130M to the U.S. Securities and Exchange Commission, $72M to the U.S. Department of Justice, and $61.9M to the Federal Reserve Board of Governors. The settlements come following a probe that went on […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3958],"tags":[3487],"class_list":["post-6069","post","type-post","status-publish","format-standard","hentry","category-jp-morgan-chase","tag-foreign-corrupt-practices-act"],"yoast_head":"\nJPMorgan Chase Agrees to Pay Over $264M to Resolve Foreign Corrupt Practices Act Charges — Investor Lawyers Blog — November 17, 2016<\/title>\n<meta name=\"description\" content=\"To settle civil and criminal charges alleging violations of the Foreign Corrupt Practices Act, JPMorgan Chase (JPM) will pay more than $264M: $130M to the — November 17, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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