Tuesday, September 8, 2020

JPMorgan Chase investigating misuse of pandemic aid funds

The bank said customers, and possibly employees, were involved.

A J.P. Morgan logo is displayed atop at the Chater House on July 16, 2018 in Hong Kong. S3studio/Getty Images, FILE

By Catherine Thorbecke and Aaron Katersky

JPMorgan Chase said on Tuesday that it's identified the misuse of COVID-19 relief funds by customers, and is investigating whether some of the bank's employees also may be have been involved.

In a memo to staff signed by a dozen senior leaders, including CEO Jamie Dimon, the investment bank said such conduct "does not live up to our business and ethical principles -- and may even be illegal."

The potentially illegal conduct "includes instances of customers misusing Paycheck Protection Program loans, unemployment benefits and other government programs," according to a memo obtained by ABC News.  Read more >>