Friday, 30 January 2015
Last updated 13 hours ago
Apr 1 2013 | 9:38am ET
Federal authorities are looking into whether JPMorgan Chase, Bernard Madoff's chief bank, failed to report the archfraudster's suspicious activities prior to the collapse of his $65 billion Ponzi scheme.
The U.S. Attorney's Office in Manhattan and the U.S. Office of the Comptroller of the Currency believe that JPMorgan may have violated a federal law requiring disclosure of suspicious transactions, The New York Times reports. The probe is looking into allegations similar to those made three years ago by Madoff trustee Irving Picard, who sued JPMorgan for $21 billion.
Picard's suit was dismissed, with a federal judge ruling he did not have standing to sue the bank.
"We believe that the personnel who dealt with the Madoff issue acted in good faith in seeking to comply with all anti-money-laundering and regulatory obligations," JPMorgan spokesman Joe Evangelisti told the Times.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…