JPMorgan Admits to Widespread Recordkeeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges

SEC

The Securities and Exchange Commission today announced charges against J.P. Morgan Securities LLC (JPMS), a broker-dealer subsidiary of JPMorgan Chase & Co., for widespread and longstanding failures by the firm and its employees to maintain and preserve written communications. JPMS admitted the facts set forth in the SEC’s order and acknowledged that its conduct violated the federal securities laws, and agreed to pay a $125 million penalty and implement robust improvements to its compliance policies and procedures to settle the matter. read more »

Six Aerospace Executives and Managers Indicted for Leading Roles in Labor Market Conspiracy that Limited Workers’ Mobility and Career Prospects

DOJ

A federal grand jury in Bridgeport, Connecticut, returned an indictment yesterday charging a former manager of a major aerospace engineering company and five executives of outsource engineering suppliers (Suppliers) for participating in a long-running conspiracy to restrict the hiring and recruiting of employees among their respective companies. The conspiracy affected thousands of engineers and other skilled workers in the aerospace industry who perform services in the design, manufacturing and servicing of aircraft components for both commercial and military purposes. read more »

Four Executives Sentenced for SBA Fraud Scheme Spanning 13 Years

DOJ

Four Indianapolis-area small business lending executives, all of whom worked for Banc-Serv Partners LLC (Banc-Serv) — a defunct lending service provider — were sentenced this month in the Southern District of Indiana for a 13-year conspiracy to defraud the Small Business Administration (SBA) in connection with its programs to guarantee loans made to small businesses. read more »

Justice Department Announces Series of Cases to Combat Addiction Treatment Kickback Schemes in Southern California

DOJ

Over the past 10 months, the Department of Justice has filed criminal charges against 10 defendants for kickback schemes at substance abuse treatment facilities in Orange County, California. read more »