JPMorgan Chase to Pay $264 Million in Fines for Bribing Foreign Officials by Hiring Their Friends and Family

From the Washington Post

JPMorgan Chase hired hundreds of friends and relatives of potential clients in order to win business in China, an international bribery scheme, federal officials said Thursday, that netted the Wall Street bank more than $100 million.

JPMorgan agreed to $264 million in fines to settle civil and criminal charges, an amount discounted in return for the bank’s cooperation with the investigations. The bank, which was accused of violating the Foreign Corrupt Practices Act, acknowledged wrongdoing as part of the settlement, an usual admission in such cases.

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