JPMorgan Chase (JPM) agreed yesterday, to settle the $17.3 billion Madoff case, and the bank will now pay $1.7 billion to settle the reporting violations. JPMorgan also will pay $350 million to settle a related case by the Office of the Comptroller of the Currency and $543 million to resolve US Bankruptcy Court actions by the trustee seeking Madoff assets on behalf of burned investors.
The $2.6 billion settlement involves the largest ever payment made by a bank in a case involving money laundering violations.
The news caused the stock price to drop 1.15% to $58.32.
NEW YORK — JPMorgan Chase & Co., already beset by other costly legal woes, has agreed to pay US$1.7 billion to settle criminal charges accusing the bank of ignoring obvious warning signs of Bernard Madoff’s massive Ponzi scheme, federal authorities said Tuesday.
The settlement includes a so-called deferred prosecution agreement that requires the bank to acknowledge failures in its protections against money laundering but also allows it to avoid criminal charges. No individual executives were accused of wrongdoing.
NEW YORK (Reuters) - Two investors failed in their private bids to recover more than $10 million from fund manager J. Ezra Merkin for money lost in Bernard Madoff's Ponzi scheme, court documents showed on Wednesday. Last month, Merkin agreed to pay $410 million to settle a lawsuit brought by New York state that accused Merkin of secretly steering client money to Madoff. Madoff pleaded guilty in March 2009 to perpetrating the largest Ponzi scheme in U.S. history and is serving a 150-year prison sentence U.S. citizen Joshua M. ...
Money manager J. Ezra Merkin has agreed to pay about $410 million to settle a civil-fraud lawsuit by New York's attorney general alleging that he funneled billions of dollars to convicted Ponzi schemer Bernard Madoff without investors' knowledge.
NEW YORK — Madoff did not do it alone.
That is the message prosecutors will pound home as five of Bernard Madoff’s long-time employees go on trial this week accused of enabling his US$65 billion Ponzi scheme.
Madoff pleaded guilty in 2009 to defrauding investors at Bernard L. Madoff Investment Securities LLC, which imploded in late 2008. He is serving a 150-year prison sentence.
Madoff said he acted alone, but prosecutors have since charged 15 of his associates.
Turns out that someone may actually make some money off of Bernard Madoff's Ponzi scheme. Unfortunately for investors trying to recoup their money, it will be the trustee presiding over the liquidation of his investment firm.
The trustee, Irving Picard, has asked for a cool $28.1 million in urgent funds to cover costs related to the administration of Madoff's estate.