JPMorgan Chase Pays $264m to Settle Bribery Charges
JPMorgan Chase & Co. agreed to pay more than $264 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) in the Asia-Pacific region by giving jobs and internships to government officials' relatives and friends, who were typically unqualified. According to an SEC order, investment bankers at JPMorgan’s subsidiary in Asia created a client referral hiring program that bypassed the firm’s normal hiring process and rewarded job candidates referred by client executives and influential government officials with well-paying, career-building JPMorgan employment. The Referral Hires enabled it to win or retain business resulting in more than $100 million in revenues to JPMorgan that it tracked internally. Click here to read more.