JPMorgan Chase improperly hired the "unqualified" children of China's ruling elite to win lucrative business from the country's key decision makers, authorities alleged on Thursday. Regulators slapped JPMorgan with $264 million in fines and said the bank "corruptly influenced government officials" with its hiring and internship tactics in China. Known as the FCPA, the law prohibits companies from making payments or giving "anything of value" to win business from foreign officials. JPMorgan admitted to authorities that individuals hired during the scheme were given the same titles and paid the same amount as entry-level investment bankers. Authorities say the hirings were quid pro quo arrangements expressly made with the intent to win business.

Source: CNN November 17, 2016 16:39 UTC