PMorgan nears S$2.5 billion settlements on Madoff violations

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A costly lesson for JPMorgan...

JPMorgan nears S$2.5 billion settlements on Madoff violations

NEW YORK - JPMorgan Chase is working with US authorities on settlements over the bank’s relationship with convicted Ponzi schemer Bernard Madoff, ones that would involve US$2 billion (S$2.5 billion) in penalties and a rare criminal action, according to people familiar with the matter.

The settlements would fault the bank for turning a blind eye to warning signs about Madoff’s firm, which was revealed in December 2008 to be the operator of a massive Ponzi scheme, the sources said.

One source said JPMorgan employees in New York, through internal communications at the bank, expressed confusion about details of Madoff’s activity and his fund’s returns, but the bank decided not to file a suspicious activity report with US regulators, despite the fact that its London office had filed a similar report with UK authorities.
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http://www.todayonline.com/business/jpmo...violations
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