Federal Reserve Board seeks to fine and prohibit two former managing directors at J.P. Morgan…
March 10, 2017 / Source: FRB
Release Date: March 10, 2017
For release at 3:15 p.m. EST
The Federal Reserve Board announced on Friday it will seek to fine and prohibit Fang Fang and Timothy Fletcher, two former managing directors at J.P. Morgan Securities (Asia Pacific) Limited, from working in the banking industry for their participation in a referral hiring program that violated anti-bribery law.
Fang and Fletcher are alleged to have offered internships and other employment opportunities to individuals referred by foreign officials, clients, and prospective clients in order to obtain improper business advantages in violation of firm policies and U.S. anti-bribery law. In addition to permanently prohibiting them from the banking industry, the Board seeks to impose a $1 million fine against Fang and a $500,000 fine against Fletcher.
The enforcement proceedings against Fang and Fletcher follow the Board's November 2016 enforcement actions against JPMorgan Chase & Co. for unsafe and unsound practices related to the firm's referral hiring program. The Board required JPMorgan Chase & Co. to pay $61.9 million in penalties for control deficiencies related to the firm's referral hiring practices and anti-bribery policies.
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