JPMorgan to Pay $264 Million to Settle Allegations of Bribery
JPMorgan, according to reports today, have agreed to pay $264 million to settle allegations that they violated the Foreign Corrupt Practices Act of 1977, also known as the FCPA, by hiring the children of wealthy Chinese to obtain their business.
The federal authorities claimed that JPMorgan was in violation of the Foreign Corrupt Practices Actwhich states:
“The Foreign Corrupt Practices Act of 1977, as amended, 15 U.S.C. §§ 78dd-1, et seq. (“FCPA”), was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business.” 
The jobs offered to the children, in this case, were the payments that federal authorities accuse JPMorgan of using as bribes to gain the business of their foreign parents.
The New York Times reported yesterday that, “federal authorities have determined that [JPMorgan] hired the children of Chinese leaders as part of a quid pro quo to win business in the booming nation, clearing the way for a costly punishment.” 
Darren Kavinoky, founding attorney of 1.800.NoCuffs, says, “This case is an excellent example of why an individual or entity wants to involve a skilled criminal defense lawyer as early in the game as possible.”
Per a CNN report today by Matt Egan, “ JPMorgan Chase improperly hired the ‘unqualified’ children of China’s ruling eliteto win lucrative business from the country’s key decision makers, authorities alleged on Thursday.”  This appears to resolve a near three year investigation by federal authorities into the bribery allegations.
The “Sons and Daughters” program afforded privileges to the children of Chinese “ruling class.” The jobs were offered to win business.  The financial services firm “has agreed to pay more than $130 million to the SEC, $72 million to the Justice Department and $62 million to the Federal Reserve.” 
Kavinokyadds, “Criminal defense attorneys can do their best work prior to an indictment or a case being filed. It is far better to kill monsters when they are little, rather than waiting until they are full-size Godzilla’s who are rampaging your town!”
1. Ben Protess and Jessica Silver-Greenberg. New York Times. November 16, 2016. JPMorgan Is Said to Settle Bribery Case Over Hiring in China. Retrieved via http://www.nytimes.com/2016/11/17/business/dealbook/jpmorgan-is-said-to-settle-bribery-case-over-hiring-in-china.html .
2. Matt Egan. CNN. November 1y, 2016. “JPMorgan hired kids of China’s elite to win business, U.S. charges.” Retrieved via http://money.cnn.com/2016/11/17/investing/jpmorgan-china-hiring-bribery-settlement/index.html
3. Foreign Corrupt Practices Act. Retrieved via https://www.justice.gov/criminal-fraud/foreign-corrupt-practices-act .
For more information on 1.800.NoCuffs founding attorney Darren Kavinoky, please visit: