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JPMorgan Probing Employees’ Role in Misuse of Relief Funds (2)

Sept. 8, 2020, 8:04 PM

JPMorgan Chase & Co. says it’s probing the role of some employees who may have enabled misuse of Covid-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 Loans, unemployment benefits and other government programs” and that some “employees have fallen short, too,” according to a memo to staff from the bank’s senior leaders Tuesday. The firm said the conduct doesn’t meet its principles “and may even be illegal.”

“We are doing all we can to identify those instances and cooperating with law enforcement where appropriate,” ...