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JPMorgan to Cough Up $2B in Madoff Case

 
JPMorgan to Cough Up $2B in Madoff Case
Posted December 12th, 2013 @ 8:23am by Rob Quinn, Newser Staff

(NEWSER) – Five years after history's biggest Ponzi scheme was exposed, Bernie Madoff's main banker is facing a rare criminal action for its role in the scam and is preparing to settle for around $2 billion, reports the New York Times. JPMorgan is accused of turning a blind eye to the $20 billion scam, with executives raising concerns internally but continuing to serve as his banker and failing to alert authorities. The settlement with federal prosecutors will include a deferred-prosecution agreement and the government plans to use a sizable chunk of the penalties to compensate Madoff's victims, sources say.

Read More: Newser

Photo Credit: Getty Images/TIMOTHY A. CLARY

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