Madoff Claims Credit For JPMorgan Settlement

Dec 16 2013 | 10:39am ET

The Feds have one man to thank for their upcoming $2 billion settlement with JPMorgan Chase over the bank's failure to alert regulators to Bernard Madoff's Ponzi scheme. And that man, according to none other than Bernard Madoff, is Bernard Madoff.

Madoff told CNBC's Scott Cohn that he gave "key information" to the U.S. Treasury's Inspector General's office that was used by federal prosecutors in New York to build their criminal case against the bank, which Madoff used for decades. It isn’t clear what, if any, validity Madoff's claim has.

JPMorgan is nearing a deferred-prosecution agreement with prosecutors under which it would admit it failed to file a required suspicious activity report just before Madoff's fraud collapsed in 2008. The bank had filed a similar report, citing red flags in Madoff's operations, with British regulators.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.