JP MORGAN TO PAY USD2.6bn IN MADOFF CASE
January 1st, 2014 BY ROBERT STOKESJP Morgan Chase & Co is to pay USD2.6 billion to the US government and victims of the Bernard L Madoff Investment Securities (Madoff Securities) fraud in the largest ever bank forfeiture and Department of Justice penalty for a Bank Secrecy Act (BSA) violation.From 1986, JP Morgan and its predecessor institutions served as the primary bank through which Bernie Madoff ran his Ponzi scheme in which investors lost USD17.3bn leading to him being sentenced to 150 years in jail.The investment bank has been criminally charged with two BSA violations: ...
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