JPMORGAN FINED USD264 MILLION FOR ASIAN JOBS-FOR-BUSINESS SCAM
November 1st, 2016
International investment bank JPMorgan Chase & Co is to pay out USD264 million in penalties within the USA over a jobs-for-business scandal in the Asia-Pacific region. The US Securities & Exchange Commission (SEC) said it will receive USD130 million from the bank for violations of the Foreign Corrupt Practices Act (FCPA). JPMorgan is also expected to pay USD72 million to the US Department of Justice and USD61.9 million to the Federal Reserve Board of Governors. Investment bankers at JPMorgan’s Asia subsidiary created a special hiring programme, ...
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