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

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12/07/2013 | 02:32am CEST

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)

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Financials ($)
Sales 2016 97 672 M
EBIT 2016 36 609 M
Net income 2016 21 218 M
Debt 2016 -
Yield 2016 2,74%
P/E ratio 2016 11,73
P/E ratio 2017 10,95
Capi. / Sales 2016 2,53x
Capi. / Sales 2017 2,46x
Capitalization 247 385 M
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JPMorgan Chase & Co. Technical Analysis Chart | JPM | US46625H1005 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 72,1 $
Spread / Average Target 5,2%
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James Dimon Chairman, President & Chief Executive Officer
Matthew E. Zames Chief Operating Officer
Marianne Lake Chief Financial Officer & Executive Vice President
Dana S. Deasy Chief Information Officer
Lee R. Raymond Lead Independent Director
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