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Stories of Interest
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
- BigLaw Hogan Lovells Announces Hundreds of Buyouts, Layoffs - Almost 500 Affected
- Faith-Based Advisor Censured for Selling Class A Shares to Clergy
- After FINRA Bar, CFP Board Suspends Texas Advisor
- iCapital Network to Acquire U.S. Private Equity Access Fund Platform from Deutsche Bank
- Deutsche Bank ‘Beyond Repair’ as Trading Drops - Autonomous Research
- Guggenheim Partners CEO Might Step Down
- Wachovia Customer Sues Wells Fargo Over FundSource Losses - Bill Singer
- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
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NEWSLETTERS & ALERTS
Ex-JPMorgan Execs Face Lifetime Bans for Roles in China Bribery Case
JPMorgan’s foreign bribery case – aka ‘Sons and Daughters’ hiring scheme in China - didn’t end last November when the bank agreed to pay $264 million to settle government charges that it had hired the children of Chinese leaders to win business in that nation. At the time, it was noted that some of the well-connected candidates were unqualified and often “performed ancillary work”- telltale signs of hidden bribery. The practice range from 2008 to 2013. [See Financialish, 11/16/16]
On Friday, 3/10/17, the Federal Reserve announced it would seek to fine and permanently bar two JPM managing directors who were integrally involved in the hiring program- Fang Fang and Timothy Fletcher. Mr. Fang would pay a $1 million penalty, and Mr. Fletcher would pay a $500,000 penalty.
FANG FANG, 51, had been JPMorgan Chase’s CEO of investment banking for China until his resignation in 2014. He had been with the bank for 12 years. He was also the ‘gatekeeper’ for JPM’s referral hiring program, which was at the center to the investigation.
TIMOTHY FLETCHER ran the JPMorgan hiring program and was head of the junior resources management group in Asia. Mr. Fletcher’s employment was terminate in 2015.