Breaking: Chase Bank Investigates It’s Employees Amidst Federal Investigation of Pandemic Relief Funds Fraud

JPMorgan Chase is investigating potential misuse of pandemic relief programs by its workers and customers, saying some conduct "may even be illegal". 
According to Reports, JPMorgan Chase & Co is investigating employees who may have been involved in the misuse of federal funds meant to help small businesses and other customers hurt by COVID-19 shutdowns, according to an internal memo seen by Reuters.

The bank said it had found cases of customers "misusing Paycheck Protection Program loans, unemployment benefits and other government programs," according to the memo, which was verified by a bank spokeswoman.

"Some employees have fallen short, too," according to the memo, which was sent to staff by the bank's top operating committee. "We are doing all we can to identify those instances, and cooperate with law enforcement where appropriate."

But this is laughable; they are investigating employees for misuse... when they should be investigating employers for misuse as well. You know, this investigation could be a defense mechanism to duck any investigations they maybe under for misuse. Many employers and firms are under investigation for misuse and to dodge these attacks or appear clean they’re turning the attention on the usual scapegoats, their employees. 

In fact, in May, Reuters reported that the U.S. Justice Department had subpoenaed Wall Street banks to seek records on PPP lending as it kicked off its enforcement efforts, but it was unclear if the banks themselves were targets at the time

U.S. lawmakers and independent watchdogs have in recent weeks warned of widespread abuse and fraud in the PPP, a $659 billion program under which banks dished out government-backed funds to small business borrowers hurt by pandemic shutdowns. 

Just last week, a key congressional panel said it had identified tens of thousands of PPP loans worth billions of dollars that may have been subject to fraud, waste and abuse, including by companies that were ineligible or that broke the rules by taking more than one loan.
The federal investigation will be revealing as the program has been froth with misuse and fraud with absolutely no checks and balances or collusion and corruption that allowed the rampant and careless distribution of funds to certain individuals.
I #renaldomckenzie run legitimate businesses and our application for relief assistance under the SBA loan program was denied. Yet my investigation revealed several cases where so called “botched up” efforts and individuals who had no business getting huge sums of loans under the program did receive funds in which they misused. 

References and More stories:1. Federal Charges Of PPP Loan Fraud Are Here To Remind You These Loans Are Not “Free Money”. https://www.forbes.com/sites/brucebrumberg/2020/05/14/federal-charges-of-ppp-loan-fraud-are-here-to-remind-you-these-loans-are-not-free-money/

2. JPMorgan probing alleged misuse of PPP funds by employees, memo shows https://www.reuters.com/article/us-health-coronavirus-jpmorgan-idUSKBN25Z2KI