Fraud experts had expected that the massive U.S. coronavirus relief program would result in some element of abuse, and cases have emerged where criminals used PPP funds to purchase Lamborghinis and other luxury items.
The bank's operating committee, led by CEO Jamie Dimon, sent an email Tuesday morning to its 256,710 employees saying that while the pandemic has brought out the best in many workers, it also found instances where customers abused the government's coronavirus relief programs.
The government's mammoth $2.2 trillion coronavirus relief package included the Paycheck Protection Program for small businesses, enhanced unemployment benefits for individuals and support for larger companies. "Unfortunately, we've also seen conduct that does not live up to our business and ethical principles — and may even be illegal," the bank's committee said. "This includes instances of customers misusingloans, unemployment benefits and other government programs. Some employees have fallen short, too."
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