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Stories of Interest
- Billionaire Investor John Paulson's Hedge Fund Is 'Rightsizing', And a Bunch of Senior Staff are Leaving
- 10 Years Ago a Wall Street Firm With $400Bn in Assets Collapsed. Why Bear Stearns Could Happen Again
- FINRA Disciplinary Actions for March 2018
- Ex-Deutsche Bank Trader Pleads Guilty Over Euribor Rigging
- SEC Proposes Transaction Fee Pilot for NMS Stocks
- FINRA Board of Governors Meeting - March 2018
- Winklevoss Twins Have a Plan to Police Cryptocurrency Trading
- Trump Picks Larry Kudlow as New Top Economic Adviser, Source Says
- A Decade On, Was Bear a Bad Deal for JPMorgan?
- Theranos, Its CEO and Former President Charged With Massive Fraud
- Wall Street's ‘Diva of Distressed’ Throws Her Funds Into Bankruptcy
- How a Former NBA #1 Draft Pick Went From $61Mn Fortune to Owing $157K
- Foreign Affiliates of KPMG, Deloitte, BDO Charged in Improper Audits
- Trump Fires Secretary of State Tillerson - Picks CIA Director Pompeo
- Credit Karma, Pre-IPO FinTech Company, Violated Rule 701 Disclosure Requirements - SEC
- Goldman Sachs' Schwartz Retires, Paves Way for Solomon as Next CEO
- Damning Emails: Trump's Lawyer Used Trump Organization Email in Hush-Money Negotiations with Porn Star Stormy Daniels
- 'Pharma Bro' Martin Shkreli Sentenced to 7 Years In Prison - Says 'This is My Fault'
- FINRA Investor Alert: Lost Property - Don't Be Escheated Out of Your Savings or Investments
- Analyst Dick Bove Calls Possible Blankfein Exit from Goldman 'Wonderful' News
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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.