Member access

4-Traders Homepage  >  Shares  >  Nyse  >  JPMorgan Chase & Co.    JPM   US46625H1005

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

JPMorgan Chase & Co. : JPMorgan in talks with U.S. Attorney over Madoff warnings: WSJ

12/06/2013 | 08:32pm US/Eastern

The U.S. Attorney's Office in Manhattan is looking into why JPMorgan Chase & Co did not file a suspicious activity report about Bernard Madoff before he was arrested for running a multibillion-dollar Ponzi scheme, the Wall Street Journal reported on Friday, citing people close to the probe.

The bank is negotiating a settlement with U.S. Attorney Preet Bharara's office over the matter that will likely include a fine and a deferred prosecution agreement, the Journal reported.

A spokesman for the bank could not immediately be reached for comment on the Journal story.

JPMorgan had raised concerns with UK regulators about Madoff more than a month before his arrest in December 2008, the Journal reported. In a document filed with Britain' Serious Organized Crime Agency, the bank raised several concerns about Bernard L Madoff Investment Securities, such as returns that appeared "too good to be true," the Journal said.

Madoff had a banking relationship with JPMorgan for two decades, the Journal said.

In addition to the Madoff case, prosecutors and the Federal Bureau of Investigation are examining whether there was a larger pattern of failed controls at the bank, the paper said, citing people close to the probe.

Madoff is serving a 150-year prison sentence after pleading guilty to running a Ponzi scheme that cost investors billions of dollars.

JPMorgan has said it did not know about the fraud, the Journal said.

Suspicious activity reports are required when a bank finds suspicious transactions or signs of a violation of federal law.

The Madoff probe comes as JPMorgan grapples with a string of legal troubles. Over the past few months, it has agreed to pay nearly $20 billion to settle lawsuits and probes, the Journal said.

(Reporting by Dena Aubin; Editing by Eric Beech)

Latest news on JPMORGAN CHASE & CO.
1d ago JPMORGAN CHASE : TCL Comm's 3Q results on track - JPM
1d ago JPMORGAN CHASE : AFC Secures U.S.$100 Million OPIC, JP Morgan Loan
1d ago JPMORGAN CHASE : AFC Secures $100 Million OPIC and JP Morgan Loan
1d ago JPMORGAN CHASE : Search for the UK's Most Inspirational Philanthropists
1d ago JPMORGAN CHASE : CCB 3Q decline in line with expectations - JPM
2d ago JPMORGAN CHASE : Above The Law Is Coming To Chicago
2d ago JPMORGAN CHASE : State and Local Leaders Join Forces to Address Homelessness in ..
2d agoDJHong Kong Rules Out Protest Site Clearance -- For Now
2d ago JPMORGAN CHASE : Treasurer Nappier Announces Connecticut's Inaugural Issuance of..
2d agoDJHong Kong Official Rules Out Clearing Protest Sites--for Now
Duration : Period :
JPMorgan Chase & Co. Technical Analysis Chart | JPM | US46625H1005 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes