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: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note