The latest payment of $264 million comes after JPMorgan hired the relatives of Chinese government officials to win business in China.
The SEC’s proposal would make it harder to bring charges of securities fraud by giving Wall Street companies more room to withhold vital information.
Last August, the SEC reached an agreement with BNY Mellon wherein the bank paid $14.8 million to settle charges that the company violated the Foreign Corrupt Practices Act (FCPA) by hiring unqualified interns in exchange for continued access to an unnamed “Middle Eastern Sovereign Wealth Fund.” Not only was the sovereign wealth fund involved in the corruption not named, neither where the two officials who asked for jobs for their relatives.
The law firm that employs John W. White, husband of Mary Jo White, Chairperson of the Securities and Exchange Commission (SEC), has changed its marketing material after being scrutinized for the way the firm advertised its connections to regulators. The firm, Cravath, Swaine & Moore, was trumpeting John White’s work for an advisory group to the influential Public Company Accounting Oversight Board (PCAOB) just as Mary Jo White, in her capacity as SEC chair, is considering candidates to lead the PCAOB.
On August 18, the SEC announced that the Bank of New York Mellon Corporation (BNY Mellon) agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA), when the bank gave out highly sought-after student internships to the relatives of foreign government officials in