WASHINGTON, Feb 22 — The US Federal Reserve said yesterday it was barring former JPMorgan Chase & Co Managing Director Timothy Fletcher from the industry for life over his role in a China hiring programme for which the bank was fined US$264 million (RM1.07 billion) in 2016.
The Fed alleged that Fletcher had “improperly administered” the programme to hire relatives of Chinese officials “in order to obtain improper business advantages for the firm.” The Fed said Fletcher consented to the prohibition.
Fletcher, who had worked at JPMorgan's Hong Kong unit, could not could immediately be reached for comment.
In 2016 the bank agreed to pay a total of US$264 million to the US Securities and Exchange Commission, the Justice Department and the Fed, to resolve the allegations its hiring program had violated the US Foreign Corrupt Practices Act.
The Fed said yesterday Fletcher had “engaged in unsafe and unsound practices, breaches of fiduciary duty, and violations of law.”
The regulator said it was also requiring Fletcher to cooperate in any pending or potential enforcement action against other individuals who are or were affiliated with the firm. — Reuters
