Saturday, 1 August 2015
Last updated 1 day ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…