JP Morgan Faces Scrutiny from US Regulators Over Due Diligence on Past Acquisitions

JPMorgan Chase & Co is being scrutinized by U.S. regulators for the due diligence the bank conducted on a number of its past acquisitions, the Financial Times reported on Friday, citing people familiar with the matter.

The Office of the Comptroller of the Currency (OCC) in the U.S. scheduled a specific audit of JPMorgan’s deal making after the bank bought dozens of smaller companies in 2021 and 2022, the report said.

This comes after the U.S. government filed criminal charges accusing Charlie Javice, the founder of the now-shuttered college financial aid company Frank, of defrauding JPMorgan into buying the startup for $175 million in 2021.

Read the source article at finance.yahoo.com