FalconStor Bribed JPMorgan Chase Executives, Data Storage Company Fined Millions

Data Storage Company Admits It Bribed JPMorgan Execs With Golf Memberships

A Long Island data storage company has agreed to pay $5.8 million to settle federal investigations into claims its employees bribed executives at JPMorgan Chase in exchange for licensing contracts. The company, FalconStor, will admit to wrongdoing as part of the terms of the agreement, according to Dow Jones Newswires.

FalconStor employees reportedly gave more than $300,000 in bribes to executives at JPMorgan's Global Technology Infrastructure division, in exchange for $12.2 million in contracts. FalconStor didn't just hand over boring cash money, either: The JPMorgan honchos got restricted stock shares, gambling vouchers and golf memberships for their pains, Dow Jones reports.

Bloomberg reports that JPMorgan was not accused of wrongdoing in the case, despite the fact that the bank executives reportedly accepted the bribes and held up their end of the deal.

Of course, $300,000 is a drop in the bucket to the likes of JPMorgan Chase, a company that makes billions almost as fast as it loses them.

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