Two former JPMorgan bankers agreed to pay about $326,000 to settle U.S. Securities and Exchange Commission charges that they paid millions of dollars to close friends of Jefferson County, Alabama commissioners in order to win $5bn of municipal bond and swap business.
Reuters reports that Douglas MacFaddin and Charles LeCroy, who were JPMorgan managing directors, will pay a respective $201,224 and $125,149 to resolve the SEC civil fraud case, according to papers filed on Tuesday with the federal court in Birmingham, Alabama.
Neither defendant admitted wrongdoing. The settlement requires court approval. Lawyers for the defendants did not immediately respond on Wednesday to requests for comment.
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