Fed permanently bars former investment banker for involvement in referral hiring program

The Federal Reserve Board has permanently barred from the banking industry Timothy Fletcher, a former managing director of a JPMorgan Chase & Co. subsidiary, over his involvement in the bank’s referral hiring program in the Asia-Pacific region. The company’s referral hiring program provided employment opportunities to individuals referred by foreign officials, clients, and prospective clients.  According to the Fed, Fletcher administered the Program from  2008 through 2013.  The bank settled FCPA claims related to the Program with the Department of Justice, Securities and Exchange Commission, and the Fed for approximately $264 million in fines and penalties in November 2016.

Federal Reserve press release | Order