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Stories of Interest
- New Law Bans Kaspersky Software from Use in U.S. Government
- I Owned Bitcoin For a Weekend and Here's What I Learned
- SEC Appoints New Chair and Board Members to PCAOB
- FINRA, Georgetown Team Up to Deliver 'Certified Regulatory and Compliance Professional' Program
- FINRA Board Meeting - This Week's Agenda
- Statement on Cryptocurrencies and Initial Coin Offerings - SEC Chair Clayton
- Company Halts Initial Coin Offering Over SEC Registration Concerns
- Kevin O'Leary Explains One Big Thing People Don't Understand About Bitcoin (But Need To)
- CME Bitcoin Futures: A Better Way to Buy (or Short) Bitcoin?
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
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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.