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

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...