Para los que todavía no les cae la teja que el escenario de responsabilidad penal de la empresa y que el riesgo penal de las operaciones intenacionales no puede ser más concreto.

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The Securities and Exchange Commission on
Wednesday announced the settlement with JPMorgan
Chase & Co. according to which it has agreed to pay $75
million in fines and forfeit $647 million in fees to settle federal regulators'
charges. As the accusation said JPMorgan made unlawful payments to
friends of public officials to win municipal bond business in Jefferson County,
Ala.
According to the SEC statement, JPMorgan and former managing directors
Charles LeCroy and Douglas MacFaddin spent more than $8 million for
undisclosed payments between 2002 and 2003 to close friends of several
Jefferson County commissioners. This money was paid to the local
brokerage firms whose principals or employees were friends of the county
officials. Starting in July 2002, former managing directors entreated the
county for a $1.4 billion sewer bond deal. The payments did their work and
the county commissioners voted to select JPMorgan's securities division to
become managing underwriter of the bond offerings and its affiliated bank to
become swap provider for the transactions. There was no larger deal in
JPMorgan securities division's history than the $5 billion in municipal bond
business and interest­rate swap agreements awarded. JPMorgan could not
disclose any of the unlawful payments or conflicts of interest in the bond
offering documents. But it decided to pass on the cost of the payments by
charging the county higher interest rates on the swap transactions.
The settlement was made between the Wall Street bank and the SEC
according to which the bank do not comment any allegations agreeing to all
the terms. They include the obligation to pay a $25 million civil fine and make
a $50 million payment to the county, and to forfeit $647 million in termination
fees it claims the county owes on the canceled interest­rate swap contracts
worth hundreds of millions of dollars.
JPMorgan was also rebuked and promised to decline from future violations
of the securities laws. Regulators have issued warnings for years over so­
called "pay­to­play" relationships between investment firms and government
officials in the $2.7 trillion municipal bond market, tapped by state and local
governments around the country to finance schools, roads, hospitals and
public works projects. The move lowers Jefferson County's bond debt to
about $3.2 billion from $3.9 billion but it is not an end still.
“The settlement with the SEC does not impair any outstanding Jefferson
County bonds and JPMorgan continues to work to achieve a responsible
restructuring of Jefferson County's financial affairs” stated New York­based
JPMorgan.
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JPMorgan pays $75 million in fines and $647 million in fees
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