Image result for JPMorgan Chinese Friends

A U.S. government investigation into a JPMorgan hiring program in Asia concluded with a multi-$264 million settlement. The SEC found substantial evidence that J.P. Morgan offered prestigious jobs to the children of Chinese government officials in exchange for the officials’ influence to secure lucrative investment-banking assignments – a violation of the Foreign Corrupt Practices Act (FCPA).

In 2006, JPMorgan APAC created a referral program known internally as the “Sons & Daughters Program.” According to the SEC order, the initial goal of the program was to accommodate frequent requests “to hire the relatives and friends of senior executives or officials with its clients, prospective clients, and contacts within foreign government ministries” by offering targeted entry-level and short-term employment opportunities.

Compliance Officer Chris Charnock’s Concerns Dismissed by JPMorgan Management

While the program may have been created in good faith in the beginning, by 2011, JPMorgan employees in Asia were already trying to raise concerns with compliance executives in New York that the bank might be charged with bribery.

But the reports, which originated with Chris Charnock, an Asia-based compliance officer, were dismissed by higher management until the alleged misconduct attracted the attention of the Securities and Exchange Commission.

According to SEC information, JPMorgan violated three different provisions of the 1934 Securities Exchange Act: anti-bribery, books and records, and internal controls.

Read on.


Register for a FREE Mortgage Fraud Analysis and get the FACTS you need to make the right decision regarding your loan!


For information on foreclosure defense call us at 844-372-8378. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.

Fraudstoppers PMA

Feel free to connect with us . . .

332 S Michigan Avenue
Suite 1032 #F513
Chicago IL 60604-4434

Phone: 844-372-8378

Fraud Stoppers Logo

Legal Information Is Not Legal Advice: This site provides “information” about the law and is only designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Fraud Stoppers is NOT a law firm, non-profit organization, or government agency. Register for your Free Mortgage Fraud Analysis and Securitization Search, and get Free Foreclosure Defense Help and Free Foreclosure Defense Documents that you can use to stop a foreclosure and save your house.

Spread the love