Member access

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

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

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

12/06/2013 | 08:32pm US/Eastern
Recommend:
0

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)

Recommend :
0
React to this article
Latest news on JPMORGAN CHASE & CO.
5h agoDJJPMORGAN CHASE : Ex White House Chief of Staff Bill Daley to Join Swiss Hedge Fu..
6h ago Barclays chairman defends staff bonuses as Standard Life leads shareholder pr..
6h ago Barclays chairman defends staff bonuses as Standard Life leads shareholder pr..
1d ago GOLDMAN SACHS : JPMorgan seek dismissal of aluminium price-fixing lawsuits
1d ago STC selects banks for debut Sukuk issue
1d ago JPMORGAN CHASE : Supporting young entrepreneurs in Thailand
1d ago JPMORGAN CHASE : Settlement time for U.S. trades closer to being shortened
1d ago Cheetah Mobile Nails Down Ticker Symbol
1d ago JPMORGAN CHASE : U.S. Businesses Report Growing Optimism about National and Loca..
2d ago Barclays joins retreat from commodities as new rules bite
Advertisement
Chart
Duration : Period :
JPMorgan Chase & Co. Technical Analysis Chart | JPM | US46625H1005 | 4-Traders
Income Statement Evolution
JPMorgan Chase _ Co. : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF