JPMorgan to pay $264 million to resolve China hiring probe: SEC, DoJ

JPMorgan Chase & Co (>> JPMorgan Chase & Co.) has agreed to pay U.S. authorities $264 million to resolve allegations it hired the relatives of Chinese officials in order to win banking deals, the U.S. Securities and Exchange Commission and the Justice Department said in statements Thursday.

The SEC and Justice Department had been investigating over several years whether some of JPMorgan’s hiring efforts involved bribes, in violation of the U.S. Foreign Corrupt Practices Act.

The SEC will receive $130 million of the settlement, with $72 million going to Justice and $61.9 million to the U.S. Federal Reserve, which penalized the bank “for unsafe and unsound practices.”

JPMorgan did not admit or deny the charges. As part of its settlement with the Justice Department, a Hong Kong unit of the bank admitted to making quid pro quo hiring agreements with Chinese officials to win investment business.

Read on.

Advertisements

One response to “JPMorgan to pay $264 million to resolve China hiring probe: SEC, DoJ

  1. Reblogged this on Deadly Clear and commented:
    I hope the President-Elect is aware of all of these fines and settlements under the Dimon regime. It certainly adds controversy.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s