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Federal Reserve Board permanently bars former JPMorgan employee

Jaclyn Jaeger | February 22, 2019

The Federal Reserve Board on Feb. 21 permanently barred from the banking industry a former managing director at a non-bank subsidiary of JPMorgan Chase.

Timothy Fletcher consented to the prohibition, which includes allegations that he improperly administered a referral hiring program at the firm by offering internships and other employment opportunities to individuals referred by foreign officials, clients, and prospective clients in order to obtain improper business advantages for the firm. The Federal Reserve Board is also requiring Fletcher to cooperate in any pending or prospective enforcement action against other individuals who are or were affiliated with the firm.

JPMorgan was previously fined $61.9 million by the Federal Reserve Board relating to this program. Additionally, in November 2016, JPMorgan settled...

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