This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
OK
Dublin: 5 °C Monday 17 February, 2020
Advertisement

JPMorgan Chase to pay $1.7 billion to victims of Madoff Ponzi fraud

The compensation was announced by a US attorney today.

Bernard Madoff arrives at Manhattan federal court, Thursday, March 12, 2009.
Bernard Madoff arrives at Manhattan federal court, Thursday, March 12, 2009.
Image: Louis Lanzano/AP/Press Association Images

US 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, 2014

Related: Brother of Bernie Madoff gets 10 years for role in Ponzi scheme

  • Share on Facebook
  • Email this article
  •  

About the author:

AFP

Read next:

COMMENTS (14)