JPMORGAN PAYS $264M FCPA FINE FOR HIRING PROGRAM IN ASIA
January 13, 2017
On November 17, 2016, the SEC Enforcement Division reported that JPMorgan Chase will pay $264 million in sanctions to the U.S. Department of Justice, the U.S. Securities and Exchange Commission and the Federal Reserve to settle claims that it violated the Foreign Corrupt Practices Act by awarding jobs to friends and relatives of government officials in Asia. The SEC found that JPMorgan hired 100 interns and full-time employees over a seven-year period, “helping the firm win or retain business that produced more than $100 million in revenue for JPMorgan”.
JPMorgan Chase settled the charges and will pay $130 million to the SEC without admitting or denying the agency’s allegations. In addition, its subsidiary, JPMorgan Securities (Asia Pacific) Ltd., will pay a $72 million criminal penalty to the DOJ in a nonprosecution agreement that includes admissions. Finally, the bank will pay $61.9 million to the Federal Reserve board of governors.
If you have any questions, please contact Evelyn Sahr (esahr@eckertseamans.com; 202-659-6622) or Drew Derco (dderco@eckertseamans.com; 202-659-6665).
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