Saturday November 28, 2020

JPMorgan to pay $2.6bn over Madoff losses

JPMorgan Chase will pay $2.6 billion to resolve criminal and civil allegations that it failed to stop Bernard Madoff’s Ponzi scheme, putting banks on notice that they may be punished for their clients’ misdeeds.

8th January, 2014
JPMorgan: “We recognize we could have done a better job pulling together various pieces of information and concerns about Madoff from different parts of the bank over time.”

JPMorgan Chase will pay $2.6 billion to resolve criminal and civil allegations that it failed to stop Bernard Madoff’s Ponzi scheme, putting banks on notice that they may be punished for their clients’ misdeeds.

JPMorgan avoided prosecution by acknowledging in an accord with the US yesterday that it ignored red flags for almost two decades that Madoff used his account there to run a fraud. The bank will pay $1.7 billion to settle...

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