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Hiring practices trigger $264 million in FCPA fines for JPMorgan

Joe Mont | November 17, 2016

JPMorgan Chase has agreed to pay more than $130 million to settle charges by the Securities and Exchange Commission that overseas hiring practices violated the Foreign Corrupt Practices Act, specifically its anti-bribery, books and records, and internal controls provisions.

The SEC says that the mega-bank won business from clients and corruptly influenced government officials in the Asia-Pacific region by giving jobs and internships to their relatives and friends.

JPMorgan also is expected to pay $72 million to the Justice Department and $61.9 million to the Federal Reserve Board of Governors for a total of more than $264 million in sanctions resulting from the firm’s referral hiring practices.

According to an SEC order issued on Nov. 17, 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...

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