JPMorgan Faces Madoff Money-Laundering Probe

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.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR