JPMorgan to pay fine of $75m and forfeit fees of $646m
In the sewer. The SEC accused JPMorgan Securities and two former directors of making payments of $8m to friends of Jefferson County, Alabama officials in a municipal bond scam. The scam related to bond offerings and credit default swap transactions involved in financing sewer projects. Although JPMorgan did not admit or deny the charges, it agreed to forfeit $647 million in fees and the S.E.C. said J.P. Morgan Securities would make a payment of $50 million to Jefferson County. It will …
In the sewer.
The SEC accused JPMorgan Securities and two former directors of making payments of $8m to friends of Jefferson County, Alabama officials in a municipal bond scam. The scam related to bond offerings and credit default swap transactions involved in financing sewer projects.
Although JPMorgan did not admit or deny the charges, it agreed to forfeit $647 million in fees and the S.E.C. said J.P. Morgan Securities would make a payment of $50 million to Jefferson County. It will also pay a penalty of $25 million.
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