banner ad
banner ad

American Justice: JP Morgan Chase Bank Avoids Criminal Prosecution by Paying $88 Million in Fines for Violation of Bank Laws

| August 28, 2011

J.P. Morgan Chase Bank has agreed to pay $88 million to settle charges of sanction violations. The settlement with the US Treasury Department concerns a series of transactions involving Cuba, Iran, and Sudan. According to the US Treasury Department’s Office of Foreign Assets Control, J.P. Morgan processed a total of $178.5 million in 2005 and 2006 for Cuban nationals, violating US embargo laws.

The company discovered the illegal transactions in 2005 after it was tipped off by another financial institution, but failed to report the crimes and take proper action to prevent further illegality. The bank was also fined for loaning $2.9 million in 2009 to a bank with ties to the Iranian government. A third incident involved the bank’s failure, and 2010 and 2011, to produce documents regarding a wire transfer to Khartoum, the capital of Sudan. Bank officials were aware of every single one of these illegal transactions, and failed to inform regulators.

Despite these repeated illegalities, not a single bank official was criminally prosecuted, and no one went to jail. The bank was permitted to resolve the matter by simply paying a fine representing a small fraction of its daily profits.

Read more: http://www.koat.com/money/28977788/detail.html#.Tlc_bhLAesQ.twitter

If you live in Albuquerque, Santa Fe, Rio Rancho, Los Lunas, or the surrounding area, and you’d like to talk to a Smart Aggressive Experienced New Mexico Attorney about your situation, to explain the applicable law, the legal process, and your legal rights and options, Lawyers505.com offers free consultations, same-day appointments, reasonable fees, and payment plans. In personal injury and medical malpractice cases, there’s no legal fee until you win your case.

You have a lot at stake. You need the right lawyer.

Call them today at (505) 888-5200. With 25 years of courtroom trial experience, they can help you get the results you need. Guaranteed.

L A W Y E R   A D V E R T I S E M E N T

Tags:

Category: Civil Law Matters, US Legal News

Comments are closed.

Copy Protected by Chetans WP-Copyprotect.