JPMorgan Chase to pay 17 billion to victims of Madoff Ponzi fraud

first_imgUS BANKING GIANT JPMorgan Chase will pay $1.7 billion to the victims of Bernard Madoff’s Ponzi scheme under an agreement with prosecutors, a US Attorney announced today.JPMorgan admitted to charges that it failed to maintain an effective money-laundering programme and did not file a suspicious activity report on Madoff, said Preet Bharara, US Attorney for the Southern District of New York.- © AFP, 2014Related: Brother of Bernie Madoff gets 10 years for role in Ponzi schemelast_img