JPMorgan says some employees may have enabled misuse of Covid-19 relief funds
US department of justice is already pursuing scores of cases of alleged fraud
08 September 2020 - 20:53
New York — JPMorgan Chase says it is probing the role of some employees who may have enabled misuse of Covid-19 relief funds in what it calls potentially illegal activities.
The New York-based bank said it has seen “instances of customers misusing Paycheck Protection Program (PPP) loans, unemployment benefits and other government programmes” and that some “employees have fallen short, too”, according to a memo to staff from the bank’s senior leaders on Tuesday. The firm said the conduct did not meet its principles “and may even be illegal”...
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