JPMORGAN FINED USD264 MILLION FOR ASIAN JOBS-FOR-BUSINESS SCHEME
November 1st, 2016
International investment bank JPMorgan Chase & Co faces a mammoth USD264 million in fines in the United States for operating an illegal Asian jobs-for-business referral hiring scheme.
The bank will pay the US Securities & Exchange Commission (SEC) more than USD130 million for violation of the Foreign Corrupt Practices Act (FCPA) over charges that staff secured business from clients and bribed government officials in the Asia-Pacific region by giving jobs and internships to their relatives and friends. JPMorgan is also expected to pay USD72 million to the ...
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