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JPMorgan to pay $1.7 bn to victims of Madoff Ponzi fraud

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(Globalpost/GlobalPost)

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 Tuesday.

JPMorgan admitted to charges that it failed to maintain an effective money-laundering program and did not file a suspicious activity report on Madoff, said Preet Bharara, US Attorney for the Southern District of New York.

jmb/pmh

http://www.globalpost.com/dispatch/news/afp/140107/jpmorgan-pay-17-bn-victims-madoff-ponzi-fraud