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Stories of Interest
- Wells Fargo Has Shown Us Its Contemptible Values
- UBS to Counter Trading Troubles With M&A Work
- SEC Moves Quickly To Shut Down Fake Pre-IPO Share Scam
- SEC Testimony: Oversight of the SEC Division of Enforcement
- FINRA Modifies 'Agency Debt Security' in Rule 6710
- Is Jamie Dimon Doing a U-Turn on Bitcoin?
- After New Yorker's Racist Rant Goes Viral, His Law Firm Gets Pummeled with 1-Star Yelp Reviews
- Bill O’Donnell is New CFO at MetLife
- Trump Still Owes Deutsche Bank, Others as Much as $480Mn
- Wells Fargo Scandals Hurt Its Retirement Business
- Michigan State to Pay $500Mn to Victims of Larry Nassar's Abuse
- Top Lawyer at Novartis Leaving Over $1.2Mn Contract with Michael Cohen's Consulting Firm
- Cadwalader Adds Mark Chorazak to its Financial Regulation Practice
- Deutsche Bank: It's A Short According to Eisman of ‘The Big Short’ Fame
- Up In Smoke: Bank of Montreal Goes All-In on Pot Deals
- RBS to Pay $4.9Bn to Settle Toxic MBS Probe with U.S.
- Apple and Goldman Sachs Team Up to Release New Credit Card
- Robinhood, A Stock, Trading App Rejected by 75 Investors, Now Worth $5.6Bn
- Wells Fargo Reportedly Pocketed Fire And Police Department Pension Fund Fee Rebates
- Trading App Robinhood Surpasses E*Trade In User Numbers
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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.